In re Fidelity National Information Services, Inc. Securities Litigation

Labaton Keller Sucharow is lead counsel in a securities class action against Fidelity National Information Services, Inc. (Fidelity National or the Company).

On April 28, 2023, Labaton Keller Sucharow filed a securities class action lawsuit (the Complaint) on behalf of its client Nebraska Investment Council against Fidelity National and certain officers of the Company (collectively, Defendants).  The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired Fidelity National common stock between May 7, 2020, and February 10, 2023, inclusive (the Class Period).

The Complaint expands upon a related action against Fidelity National by extending the initial class period of February 9, 2021, to February 10, 2023, and adding related allegations.  Specifically, the Complaint alleges that Defendants downplayed competition concerns in the Merchant Solutions segment and materially overstated the Company’s earnings or materially understated the Company’s net losses by improperly accounting for the Company’s goodwill in violation of U.S. Generally Accepted Accounting Principles (GAAP).

On June 8, 2023, the Court consolidated the actions and appointed Nebraska Investment Council, North Carolina Retirement Systems, and North Carolina Supplemental Retirement Plans as lead plaintiffs.

The consolidated case is In re Fidelity National Information Services, Inc. Securities Litigation, No. 3:23-cv-252-TJC-PDB (M.D. Fla.).  Labaton Keller Sucharow represents Nebraska Investment Council, North Carolina Retirement Systems, and North Carolina Supplemental Retirement Plans.