NEW YORK, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Shift4 Payments, Inc. ("Shift4" or the "Company") (NYSE:FOUR) securities during the period from November 10, 2021 through April 18, 2023, inclusive (the "Class Period"). Investors have until October 19, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In Shift4's third quarter of 2022, the Company completed its so-called mass strategic buyout program as part of a purported strategic initiative to insource its sales distribution network. According to Shift4, because the Company is not a member bank as defined in certain payment network rules, the Company is not eligible for primary membership in certain payment networks and is therefore unable to directly access them. Accordingly, Shift4's payment networks require the Company to be sponsored by a member bank as a service provider, which the Company has accomplished through a sponsorship agreement with its sponsor bank. To cover overdraft obligations at the sponsor bank, prior to December 2022, Shift4 had funds deposited in a sponsor bank merchant ...
FOUR) Investors and Encourages Investors to Contact the Firm Before October 19, 2023>Full story available on Benzinga.com