SAN DIEGO and SAN JOSE, Calif., May 20, 2013 /PRNewswire/ -- Beginning on December 13, 2007, shareholder rights law firms Robbins Arroyo LLP and Faruqi & Faruqi, LLP commenced shareholder derivative lawsuits that assert claims on behalf of VeriFone Systems, Inc. (formerly known as VeriFone Holdings, Inc.) ("VeriFone") (NYSE:PAY). The shareholder plaintiffs who commenced the Action have sold their shares. This press release is being published pursuant to a court order requiring the parties to alert shareholders that the Action will be dismissed and the claims asserted on behalf of VeriFone may be extinguished by operation of the applicable statutes of limitation, unless a shareholder with standing to pursue the claims substitutes as plaintiff .
Any current VeriFone shareholder who has continuously held VeriFone stock since the period of the alleged wrongdoing and wishes to act as plaintiff in the Action must notify the Superior Court of California, County of Santa Clara in writing by August 14, 2013. The Court's address is: Clerk of the Court, Santa Clara Superior Court, 191 North First Street, San Jose, California 95113.
Interested shareholders are urged to contact attorney Darnell R. Donahue of Robbins Arroyo LLP at (800) 350-6003 or via e-mail at firstname.lastname@example.org or attorney Michael Hynes of Faruqi & Faruqi, LLP at (877) 247-4292, or via e-mail at email@example.com as soon as possible. Additional information is provided in the Court-approved Notice and the operative complaint posted on the web sites of Robbins Arroyo LLP and Faruqi & Faruqi, LLP at www.robbinsarroyo.com/notices and www.faruqilaw.com/verifone.Action Seeks Redress for VeriFone for Alleged Breaches of Fiduciary Duty by the Company's Officers and Directors