Heartland Payment Systems, Inc Investors Class Action Lawsuit

PRLog (Press Release) - Mar 06, 2009 -
On Friday an investor in Heartland Payment Systems, Inc has filed a proposed securities class action lawsuit in the United States District Court for the District of New Jersey on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the common stock of Heartland Payment Systems, Inc. (NYSE:HPY), between August 5, 2008 and February 23, 2009, Heartland Payment Systems, Inc and certain of its executive officers over alleged violations of Federal Securities Laws.

If you purchased or otherwise acquired the common stock of Heartland Payment Systems, Inc. (NYSE:HPY), between August 5, 2008 and February 23, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

Email: mail@shareholdersfoundation.com

or Call us

Phone: +1-(858)-779-1554

According to the complaint the plaintiff alleges that Heartland Payment Systems, Inc. (“Heartland”) and certain of its executive officers violated Federal securities laws by issuing between August 5, 2008 and February 23, 2009 false and/or misleading statements, and failed to disclose material adverse facts about the its business, operations and prospects. Then on January 20, 2009, Heartland revealed that the its payment processing network had been breached by malicious software, exposing tens of millions of debit cardholders to fraud. As consumers used their debit cards, so-called “sniffer software” had been capturing, among other things, card numbers, expiration dates and cardholder names. According to an article published that same day in The New York Times, the breach occurred as early as May 2008.
On this news, shares of Heartland declined $1.26 per share, or 8.16%, to close on January 20, 2009, at $14.18 per share, on unusually heavy volume. Over the next two days, shares of Heartland further declined $6.00 per share, or an additional 42.31%, to close on January 22, 2009 at $8.18 per share.
On February 24, 2009, Heartland announced it reported earnings for the 2008 fiscal year and fourth quarter. Heartland posted a lower-than-expected quarterly profit and disclosed that it might incur losses from the recent security breach of its system and that it could not estimate the amount of losses that might be incurred in connection with the security breach.
On this news, shares of Heartland declined $2.31 per share, or 30.12%, to close on February 24, 2009, at $5.34 per share, on unusually heavy volume. Between August 5, 2008 and February 23, 2009 shares of Heartland’s common stock (NYSE:HPY) declined $21.84 per share, or approximately 80%, from its high of $27.19 per share on September 19, 2008.

If you purchased or otherwise acquired the common stock of Heartland Payment Systems, Inc. (NYSE:HPY), between August 5, 2008 and February 23, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

Email: mail@shareholdersfoundation.com

or Call us

Phone: +1-(858)-779-1554

or send us your information by mail /facsimile:

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North -
Suite 423 -

92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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