New York, New York--(Newsfile Corp. - March 21, 2023) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is reminding investors that the deadline to move for lead plaintiff in a securities class action lawsuit against Global Payments, Inc. (NYSE: GPN) ("Global Payments" or the "Company") and certain other defendants is April 10, 2023. If you purchased Global Payments common stock between October 31, 2019 and October 18, 2022 (the "Class Period"), you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman by phone at (888) 398-9312, or by sending an email to [email protected].
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Global Payments is a leading payments technology company that delivers software and services to approximately 4 million merchant locations and more than 1,350 financial institutions across more than 170 countries throughout North America, Europe, Asia-Pacific and Latin America. One of Global Payments' wholly owned subsidiaries is Active Network ("ACTIVE"), which provides third-party registration and payment processing services to consumers signing up to participate in events.
According to the complaint filed in the U.S. District Court for the Northern District of Georgia, Global Payments and certain members of its management team violated §§10(b) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act"), as well as U.S. Securities and Exchange Commission ("SEC") Rule 10b-5 promulgated thereunder, by making materially false and misleading statements in filings with the U.S. Securities Exchange Commission ("SEC") and during earnings calls and analyst presentations. Specifically, the complaint alleges that the defendants repeatedly touted Global Payments' "strong bookings growth" in ACTIVE and its "sequential improvement" in ACTIVE as a reason why Global Payments was able to achieve strong quarterly financial results, and as a reason why management had "increas[ing] confidence" for the future, despite knowing that ACTIVE was engaged in an illegal scheme to dupe customers into enrolling in its Network program, in violation of relevant regulations and laws aimed at protecting consumers.
On October 18, 2022, the truth about Global Payments business reached the market. On that day, the Consumer Financial Protection Bureau filed a lawsuit in the United States District Court for the Eastern District of Texas alleging, among other things, that ACTIVE engaged in deceptive and abusive acts and practices in violation of the Consumer Financial Protection Act by enrolling consumers in and charging them for discount club memberships without their knowledge, consent, or a full understanding of the material terms of the transaction.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is April 10, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Global Payments common stock during the Class Period, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman by phone at (888) 398-9312, or by sending an email to [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
Attorney Advertising
CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159267
