Fiserv, Inc. (FI) Securities Class Action Lawsuit Update [Sept 15, 2025]

Introduction to Fiserv, Inc. (FI) Securities Class Action Lawsuit 

Fiserv, Inc. (NYSE: FI) got hit by a securities class action lawsuit, for people who bought its common stock between July 24, 2024 and July 22, 2025, inclusive (the “Class Period”). Plaintiffs say Fiserv made materially false statements misled investors when it over-hyped its Clover platform's revenue growth. Plaintiffs say Fiserv hid that the reported growth was driven by forced migration of legacy Payeezy customers and that revenue growth was unsustainable. After investors learned the truth via lackluster earnings disclosures in April, May, and July 2025, Fiserv’s stock price fell sharply, causing investor losses. 

Case Details 

Case Name: City of Hollywood Police Officers’ Retirement System v. Fiserv, Inc., et al. 

Docket Number: 1:25-cv-06094 

Court: U.S. District Court, Southern District of New York 

Filing Date: July 24, 2025 

Fiserv, Inc. (FI) Company Profile 

Fiserv is a finance-tech company. The Company has two main segments: Merchant Solutions (anchored by its Clover point-of-sale platform) and Financial Solutions (which provides account processing, digital banking, and card issuer services). Clover is Fiserv’s flagship product and its most important growth driver. Clover generates revenue through transaction fees, hardware sales, and subscription-based value-added services. 

Fiserv, Inc. (FI) Securities Lawsuit Class Period 

July 24, 2024 to July 22, 2025, inclusive.

People who acquired Fiserv common stock during the class period might be eligible to join the Fiserv, Inc. securities lawsuit.  

Allegations in the Fiserv, Inc. (FI) Securities Class Action Lawsuit 

The complaint alleges that Fiserv misled investors throughout the Class Period by presenting Clover’s growth as organic and sustainable; in fact, growth was inflated because Fiserv forced payeezy merchants to switch to Clover. 

The Class Period begins on July 24, 2024, when Fiserv issued its second quarter results. In a press release, the Company highlighted 28 percent revenue growth in Merchant Solutions and pointed to Clover’s $313 billion in annualized payment volume. On the accompanying earnings call, then-CEO Frank Bisignano told investors that attrition was low and that Clover’s expansion was being driven by new merchants rather than conversions of existing customers.  

The complaint traces this back to Fiserv’s November 2023 Investor Conference, where executives set revenue targets of $3.5 billion for 2025 and $4.5 billion for 2026. They emphasized that growth would be fueled by new sign-ups. Yet from late 2023 through the first half of 2024, Fiserv phased out Payeezy and compelled as many as 200,000 merchants to adopt Clover. The filing contends that this migration temporarily boosted revenue and gross payment volume but concealed slowing demand from new customers. 

In April 2024, Fiserv reported 30% Clover revenue growth and 19% GPV growth for the first quarter. Management attributed the spread to value-added services and pricing, without disclosing that former Payeezy merchants switched to Clover were leaving for lower-cost competitors.  

The complaint asserts that by failing to disclose the scope of forced migrations, by overstating the proportion of growth attributable to new merchants, and by concealing attrition, Fiserv and its executives made materially false misrepresentations about the true state of Clover’s business and its business prospects. These alleged misstatements and omissions form the basis for claims under the Exchange Act.

The Truth Emerges 

On April 24, 2025, Fiserv reported that Clover’s GPV growth had slowed to eight percent for the first quarter of 2025, down from prior annual rates of fourteen to seventeen percent. Analysts described this as the widest spread on record between Clover’s revenue growth and payment volume. Following this disclosure, Fiserv’s stock fell more than eighteen percent. 

On May 16, 2025, the Company disclosed significantly slowing GPV growth would continue throughout the year. Analysts cited significant churn from former Payeezy merchants who were transitions to Clover. The stock declined by an additional sixteen percent on this news. 

It got worse. On July 23, 2025, Fiserv lowered the top end of its full-year growth guidance. It also reported further slowing in Merchant segment revenue. Analysts raised questions about management credibility, and the stock plunged nearly fourteen percent. 

Market Reaction 

After the truth emerged, the stock took some heavy hits. From April 24, 2025 to July 23, 2025, the stock took multiple hits. In April, it fell 18.5%; then in May it plummeted another 16.2%. Finally, on July 23, the stock fell another 13.9%, causing investors significant losses. 

Next Steps  

• Submissions for lead plaintiff are due September 22, 2025. 

• The Court will issue its order for lead plaintiff and counsel in the weeks after the lead plaintiff deadline.    

• The Court will then consider motion for class certification.     

• The Court will later consider a Motion to Dismiss.    

To learn if you are eligible for recovery under the Fiserv Inc. securities class action lawsuit, visit the case submission page here.  

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.