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Fidelity National Information Services, Inc.

Securities Class Action

  • Date:
  • 3/7/2023
  • Company Name:
  • Fidelity National Information Services, Inc.
  • Stock Symbol:
  • FIS
  • Class Period:
  • FROM 5/7/2020 TO 2/10/2023
  • Status:
  • Filed
  • Filing Date:
  • 3/6/2023
  • Court:
  • U.S. District Court: Middle District of Florida

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Fidelity National Information Services, Inc. (“Fidelity National” or the “Company”) (NYSE: FIS) in the United States District Court for the Middle District of Florida on behalf of all persons and entities who purchased or otherwise acquired Fidelity National securities between May 7, 2020 and February 10, 2023, both dates inclusive (the “Class Period”). Investors have until May 5, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Fidelity National provides global e-commerce and payment technologies to financial institutions and businesses and, in recent years, has become the largest processing and payments company in the world. The Company is most known for its development of Financial Technology, or FinTech, and offers its solutions in three primary segments: Merchant Solutions; Banking Solutions; and Capital Market Solutions. The Merchant Solutions segment accounted for approximately 30% of the Company’s total revenue in 2021, and serves merchants by enabling them to accept, authorize, and settle electronic payment transactions.
 
Throughout its history, Fidelity National has acquired several other financial technology firms. Relevant to the allegations here, on July 31, 2019, Fidelity National announced it had closed the acquisition of payments company Worldpay, Inc. (“Worldpay”) for $43 billion, consisting of $35 billion in cash and the assumption of $8 billion in debt. As a result of the acquisition, the Worldpay business became part of the Merchant Solutions segment.
 
During the Class Period, Defendants made false and/or misleading statements about Fidelity National’s latest acquisition of Worldpay by assuring investors it had “successfully completed the Worldpay integration” and touting the benefits of the Worldpay integration for the Company. As a result, Defendants’ positive statements about the Company’s business, operations, and prospects during the Class Period were materially false and /or misleading.
 
Investors slowly learned that the Company’s important Merchant Solutions segment was underperforming and that the Company’s integration of Worldpay was not “successfully completed.”
 
First, on August 4, 2022, Fidelity National announced that its Chief Financial Officer (“CFO”), James Woodall, planned to “step down” as Corporate Executive Vice President and CFO effective November 4, 2022. On this news, the price of Fidelity National stock fell more than 7%, from a closing price of $104.13 per share on August 3, 2022 to a closing price of $96.57 per share on August 4, 2022.
 
Other management changes soon followed. On October 18, 2022, the Company announced that Stephanie Ferris, who was appointed President of the Company in February and had served as the CFO of Worldpay, would become the new Chief Executive Officer (“CEO”) effective January 1, 2023. The Company also announced that that the outgoing CEO, Gary Norcross, who had been with the Company since 1988 and in the CEO role since 2015, would become Executive Chairman of the Board of Directors upon the transition.
 
Then, on November 3, 2022, Fidelity National reported that its Merchant Solutions segment – namely Worldpay – suffered a “margin contraction of 430 basis points.” In response to this news, the price of Fidelity National stock declined more than 29%, from a closing price of $79.47 per share on November 2, 2022, to a closing price of $57.18 per share on November 3, 2022. Analysts reported the new Fidelity National management “recognize[d] the need to rebuild investor confidence.”
 
Finally, before markets opened on February 13, 2023, Fidelity National announced it would spin off Worldpay, and in the process, the Company recognized a stunning $17.6 billion write-down on the asset. In response to this revelation, the price of Fidelity National stock fell more than 12%, from a closing price of $75.43 per share on the prior trading day of February 10, 2023, to a closing price of $66.00 per share on February 13, 2023.
 
As a result of Defendants’ wrongful acts and misleading statements, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
 
If you purchased or otherwise acquired Fidelity National shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the form below.  There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Fidelity National Information Services. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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