SHIFT4 CLASS ACTION LAWSUIT: ANSWERS TO 6 FREQUENTLY ASKED QUESTIONS

If you suffered losses in Shift4 contact Shift4 stock loss lawyer Timothy L. Miles about a Shift4 lawsuit

The Shift4 class action lawsuit seeks to represent purchasers or acquirers of Shift4 Payments, Inc. (NYSE: FOUR) securities between November 10, 2021 and April 18, 2023, inclusive (the “Class Period”).  Captioned O’Meara v. Shift4 Payments, Inc., No. 23-cv-03206 (E.D. Pa.), the Shift4 class action lawsuit charges Shift4 and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
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If you suffered losses in Shift4 stock and wish to serve as lead plaintiff in the class action against Shift4, please ​contact Shift4 Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. 

Lead plaintiff motions for the Shift4 lawsuit must be filed with the court no later than October 19, 2023.

​Read on for answers to six frequently asked questions in the Shift4 class action lawsuit.

what are the ALLEGATIONS IN THE SHIFT4 CLASS ACTION LAWSUIT?

Shift4 provides software and payment processing solutions in the United States.  Shift4’s products include integrated and mobile point-of-sale solutions. 
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The Shift4 class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Shift4 had inadequate disclosure controls and procedures of internal control over financial reporting; (ii) as a result, Shift4 failed to properly account for customer acquisition costs, thereby artificially inflating its net cash provided by operating activities; (iii) consequently, Shift4 would likely be forced to restate one or more of its previously issued financial statements; (iv) Shift4 employed accounting maneuvers in connection with, among other things, its mass strategic buyout program and sponsor bank merchant settlement account, that were designed to present an inaccurate picture of Shift4’s performance, its underlying business quality, and its earnings power; and (v) all of the above, once revealed, was likely to negatively impact Shift4’s reputation and business. 

On October 21, 2022, Shift4 disclosed that its third quarter 2021, full year 2021, first quarter 2022, and second quarter 2022 financial statements should no longer be relied upon and would need to be restated because of a material weakness in Shift4’s financial controls, which had caused it to incorrectly treat “customer acquisition costs” as cash used in investing activities rather than cash used in operating activities.  As a result, Shift4 was forced to negatively revise its net cash provided by operating activities to $3 million (down from its originally reported $29.2 million), $30.8 million (down from its originally reported $37.1 million), and $70.8 million (down from its originally reported $85 million) for the year ended December 31, 2021, the three months ended March 31, 2022, and the six months ended June 30, 2022, respectively.  On this news, the price of Shift4 stock fell.

Then, on April 19, 2023, Blue Orca Capital published a report that alleged, among other things, “Shift4 [is], in reality, a roll-up of low-tech POS systems and payment processors which is substantially less profitable, generates far less cash, and is materially more levered than investors are led to believe.”  Blue Orca Capital further alleged that in 2022, “Shift4 engaged in a string of highly questionable and hyper-aggressive accounting maneuvers seemingly designed to keep the stock afloat, from cash flow manipulation to inexplicable distributor acquisitions that enabled it to capitalize a major component of COGS [cost of goods sold].”  On this news, the price of Shift4 stock fell more than 8%, damaging investors who suffered losses in Shift4 stock. ​

IF I SUFFERED LOSSES IN SHIFT4 STOCK, WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE CLASS ACTION AGAINST SHIFT4?

Serving as a Lead Plaintiff in the Shift4 class action lawsuit has several advantages and important benefits including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in the Shift4 class action lawsuit if you suffered losses in Shift4 stock. ​

CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE SHIFT4 CLASS ACTION LAWSUIT IF THEY SUFFERED LOSSES INSHIFT4 STOCK?

​Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in Shift4 stock, they may move the Court to be appointed lead plaintiff in the Shift4 class action lawsuit.

WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE SHIFT4 CLASS ACTION LAWSUIT?

​​No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Shift4 class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff which directly relates to the representation of the class in the Shift4 lawsuit on behalf of investors who suffered losses in Shift4 stock. 

HOW WAS THE CLASS PERIOD DETERMINED IN THE CLASS ACTION AGAINST SHIFT4?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives.  The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading.  The class period ends when the truth is revealed to the investing public through a corrective disclosure.  
 
In order to be a part of the class in the Shift4 class action lawsuit you must have suffered losses in Shift4 stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Shift4.  ​

HOW CAN AN SHIFT4 STOCK LOSS LAWYER HELP ME IF I SUFFERED LOSSES IN SHIFT4 STOCK?

​​​​A Shift4 stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct.  

​Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients, awards and recognitions and a strong work ethic.

Contact a Shift4 stock loss Lawyer today if you suffered losses in Shift4 ​stock about the Shift4 class action lawsuit who will fight to recover your suffered losses in Shift4 stock and will make sure all the proper steps are taken to protect you interests.

CONTACT AN ISHIFT4 STOCK LOSS LAWYER TODAY IF YOU SUFFERED IN LOSSES IN SHIFT4 STOCK ABOUT AN SHIFT4 CLASS ACTION LOSSES LAWSUIT

​If you suffered losses in Shift4 stock, contact Shift4 stock loss lawyer Timothy L. Miles today for a free case evaluation about the Shift4 class action lawsuit. Call today and see what a Shift4 stock loss lawyer can do for you if you suffered losses in Shift4 stock.

Shift4 stock loss lawyer Timothy L. Miles​

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing  shareholders, employees,  and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top 9National Trial Lawyers, National Trial Lawyers Association (2023), a superb ratedattorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
​Email: [email protected]