Berger & Montague, P.C. Files Class Action Lawsuit Against Verifone and Certain of its Officers and Directors

PHILADELPHIA, Dec. 11  /PRNewswire-USNewswire/ -- The law firm of Berger & Montague, P.C. announces it has filed a class action lawsuit, Feldman v. Verifone Holdings, Inc., et al., 07-CV-6218 (MHP), in the U.S. District Court for the Northern District of California on behalf of all purchasers of the common stock of Verifone Holdings, Inc. ("Verifone" or the "Company") (NYSE: PAY) between March 1, 2007 and November 30, 2007, inclusive (the "Class Period").  The suit alleges that Verifone and its CEO, Douglas G. Bergeron, and CFO, Barry Zwarenstein ("Defendants"), violated the Securities Exchange Act of 1934.

The Complaint alleges that Defendants issued a series of materially false and misleading statements about Verifone's financial results and condition, including that Verifone materially overstated inventories and materially understated the cost of net revenues during the first three quarters of 2007.  The Complaint also alleges that, as a result of the inflated share price, the individual defendants were able to sell their own Verifone stock for proceeds of over $60 million during the Class Period.  On December 3, 2007, Verifone announced that it was restating its financial statements for the first three fiscal quarters of 2007 and that its financial statements issued during those quarters could no longer be relied upon.  In reaction to this news, Verifone's share price fell by 45% from $48.03 on November 30, 2007 to $26.03 on December 3, 2007, on extremely high volume of over 49 million shares.

If you purchased Verifone common stock between March 1, 2007 and November 30, 2007 and sustained losses, you may, no later than February 4, 2008, request that the Court appoint you as lead plaintiff.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss this action or your rights as an investor in Verifone during the Class Period, please contact Berger & Montague toll free at 1-800-424-6690 or at  for a more thorough explanation of the lead plaintiff selection process and the litigation.  A copy of the complaint is available from the Court, or can be viewed on Berger & Montague, P.C.'s website at http://www.bergermontague.com/.

The law firm of Berger & Montague, P.C. consists of over 60 attorneys, all of whom represent plaintiffs in complex litigation.  The Berger firm has extensive experience representing institutions and other investor plaintiffs in class action securities litigation and has played lead roles in major cases over the past 30 years that have resulted in recoveries of billions of dollars to investors.  The firm has represented investors as lead counsel in such leading securities actions as Rite Aid, Sotheby's, CIGNA, Waste Management, Sunbeam, Boston Chicken and IKON Office Solutions.  The standing of Berger & Montague, P.C. in successfully conducting major securities litigation has been recognized by numerous courts.  For example:

"In short, it would be hard to equal the skill class counsel demonstrated here."  In Re Rite Aid Corporation Securities Litigation, MDL Docket No. 1360, Master File No. 99-1349 (E.D. Pa.) ($334 million settlement).

"Class Counsel did a remarkable job in representing the class interests."  In re IKON Office Solutions Securities Litigation, Civil Action No. 98-4286 (E.D. Pa.) (partial settlement for $111 million).

"... [Y]ou have acted the way lawyers at their best ought to act.  And I have had a lot of cases ....  In 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ....  I would say this has been the best representation that I have seen."  In re Waste Management, Inc. Securities Litigation, Civil Action No. 97-C7709 (N.D. Ill.) ($220 million settlement).

"The Court is aware of and attests to the skill and efficiency of class counsel: they have been diligent in every respect, and their briefs and arguments before the Court were of the highest quality.  The firm of Berger & Montague took the lead in the Court proceedings; its attorneys were well prepared, articulate and persuasive."  In re CIGNA Corp. Securities Litigation, Master File No. 2:02-CV- 8088 (E.D. Pa.) ($93 million settlement).

"... [W]e have had some marvelous counsel appear before us and make superb arguments, but they really don't come any better than Mrs. Savett ...."  In re U.S. Bioscience Securities Litigation, Civil Action No. 92-0678 (E.D. Pa.) ($15.25 million settlement).

If you purchased Verifone common stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:

  Sherrie R. Savett, Esq.

  Barbara A. Podell, Esq.

  Kimberly A. Walker, Investor Relations Manager

  Berger & Montague, P.C.

  1622 Locust Street

  Philadelphia, PA 1910

  Telephone: [phone] or 215-875-3000


DATASOURCE: Berger & Montague, P.C.



CONTACT:  Sherrie R. Savett, Esq., Barbara A. Podell, Esq., Kimberly A.

Walker, Investor Relations Manager, all of Berger & Montague, P.C.,

[phone] or [phone]



Web Site:  http://www.bergermontague.com/ 

Copyright