| COMPANY |
Global Payments, Inc. |
| COURT |
United States District Court for the Northern District of Georgia |
| CASE NUMBER |
23-cv-00577 |
| JUDGE |
The Hon. Leigh Martin May |
| CLASS PERIOD |
October 31, 2019 and October 18, 2022 |
| SECURITY TYPE |
Securities |
Global Payments investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than April 10, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Global Payments, Inc. (“Global Payments”) (NYSE: GPN) securities between October 31, 2019 and October 18, 2022, both dates inclusive (the “Class Period”).
Case Background:
Global Payments is a leading payments technology company that delivers innovative software and services to merchants and financial institutions worldwide. Global Payments is a Fortune 500 company and is a member of the S&P 500. One of Global Payments’ wholly owned subsidiaries is Active Network, which provides third-party registration and payment processing services to consumers signing up to participate in events.
On October 18, 2022, the Consumer Financial Protection Bureau issued a complaint against Active Network for illegally cramming consumers with membership fees. Following this news, the price of Global Payments’ stock fell precipitously, to close at $113.67 on October 18, 2022.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Active Network used deceptive and abusive acts and practices to dupe its customers into enrolling into Active Network’s own discount club; (2) since July 2011, Active Network, and by extension, Global Payments, was aware of such unauthorized conduct and that it was violating relevant regulations and laws aimed at protecting its consumers; (3) since 2011, Global Payments failed to properly monitor its subsidiary from engaging in such unlawful conduct, detect and stop the misconduct, and identify and remediate harmed consumers; (4) all the foregoing subjected the company to a foreseeable risk of heightened regulatory scrutiny or investigation; (5) Global Payments’ revenues were in part the product of Active Network’s unlawful conduct and thus unsustainable; and (6) as a result, the company’s public statements were materially false and misleading at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.