FOUR CLASS ACTION ANNOUNCEMENT

Kessler Topaz Meltzer & Check, LLP Announces Securities Class Action Lawsuit Filed Against Shift4 Payments, Inc. (FOUR)

The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania against Shift4 Payments, Inc. (“Shift4”) (NYSE: FOUR). The action charges Shift4 with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Shift4’s materially misleading statements and omissions to the public, Shift4’s investors have suffered significant losses.

CLICK HERE TO SUBMIT YOUR SHIFT4 LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/shift4-payments-inc?utm_source=PR&u ...

LEAD PLAINTIFF DEADLINE: OCTOBER 19, 2023

CLASS PERIOD: NOVEMBER 10, 2021 THROUGH APRIL 18, 2023

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at [phone] or via email at [e-mail]

Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.

SHIFT4’S ALLEGED MISCONDUCT
The Class Period begins on November 10, 2021, when Shift4 issued a shareholder letter before markets opened, announcing the company’s Q3 2021 financial results. In the shareholder letter, the company recorded $19.3 million of customer acquisition costs in the investing activities section of its unaudited Condensed Consolidated Statements of Cash Flows, as well as $25.6 million in net cash provided by operating activities, for the nine months ended September 30, 2021.

On October 21, 2022, Shift4 disclosed in an SEC filing that certain of its financial statements should no longer be relied upon and would need to be restated because of a material weakness in the company’s financial controls, which had caused it to incorrectly treat “customer acquisition costs” as cash used in investing activities rather than cash used in operating activities in its Consolidated Statements of Cash Flows. As a result, Shift4 was forced to negatively revise its net cash provided by operating activities in certain past financial statements. On this news, Shift4’s stock price fell $1.21 per share, or 2.67%, to close at $44.16 per share on October 24, 2022.