LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Shift4 Payments, Inc. (“Shift4” or “the Company”) (NYSE: FOUR) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Shift4 is the subject of a research report issued by Blue Orca Capital on April 19, 2023. The report alleges that, “Shift4 engaged in a string of highly questionable and hyperaggressive 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.” The report claims that, “Shift4’s CEO began to engage in highly aggressive stock promotion, proclaiming that FOUR is ‘way too cheap’ and that he is ‘absolutely’ considering taking the Company private.” Blue Orca Capital claims that despite the CEO touting the Company’s prospects, “Shift4’s CEO also claimed to be a ‘buyer’ when he was, in fact, a net seller of over 1 million shares in 2022, and just weeks before his planned disposal of up to 2 million shares alongside the closing of his [variable prepaid forward (VPF)] contract.” Based on this report, shares of Shift4 fell by more than 8.6% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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