Verifone Systems Inc. is facing four putative class-action lawsuits related to its planned acquisition by an investor group led by Francisco Partners Management LP.
Two of the four cases were filed May 17 and June 1 against the company and its directors in the U.S. District Court for the District of Delaware. The other two cases were filed May 17 and May 30 in the U.S. District Court for the Northern District of California.
The suits allege that the preliminary proxy statement related to the merger, filed by Verifone Systems with the SEC on May 7, omitted certain purportedly material information.
Verifone Systems subsequently voluntarily supplemented its proxy statement with more disclosures, though it said it believes the lawsuits lack merit.
Verifone Systems' stockholders meeting is scheduled June 19.
