The lawsuit is for all persons or entities who purchased or otherwise acquired the securities of Heartland Payment Systems, Inc. (NYSE: HPY) between August 5, 2008 and February 23, 2009.
The lawsuit alleges that Heartland Payment Systems and certain of the Company’s executive officers violated federal securities laws. Specifically, the Complaint alleges that the Company and management failed to disclose or indicate, among other things, the following: (1) that the Company’s safety and security measures designed to protect consumers’ financial records and data from security breaches were inadequate and ineffective; (2) that during the Class Period, the Company was made aware of a potential breach of its payment processing network; (3) that, as a result of the above, the Company faced liabilities associated with the breach and increasing costs associated with implementing appropriate security measures; (4) that, as a result of the foregoing, the Company was at risk of losing customers; (5) that the Company lacked adequate internal financial controls; and (6) that statements made by the Company and management during the Class Period lacked a reasonable basis.
On February 23, 2009, the Company finally revealed the extend of the liabilities that it faced from last year's security breach. On the news, the share price tumbled to close over 30% down from the previous day's trading.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you purchased or otherwise acquired common stock in Heartland Payment Systems, Inc. (NYSE: HPY) between August 5, 2008 and February 23, 2009 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Case Summary
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
Terms:
correct statements.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.
