NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Shift4 Payments, Inc. (“Shift4” or the “Company”) (NYSE: FOUR) on behalf of Shift4 stockholders. Our investigation concerns whether Shift4 has violated the federal securities laws and/or engaged in other unlawful business practices.
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On April 19, 2023, Blue Orca Capital issued a report on Shift4 Payments, Inc., alleging that the Company “engaged in a string of highly questionable and hyper aggressive 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 also alleges that “Shift4’s CFO abruptly left the Company the day before its Q2 2022 earnings call, amidst a lengthy string of correspondence with the SEC over its accounting. Its auditor warned of a material weakness over internal controls the very next quarter, just as it spent $256.4 million in a string of M&A that enabled it to capitalize a material share of COGS.”
Shares of Shift4 Payments stock dropped more than 12% in intraday trading on April 19, 2023.
If you purchased or otherwise acquired Shift4 shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.