Overview

A class action lawsuit has been filed against Fiserv, Inc. (“Fiserv” or the “Company”) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws. The Company’s common stock trades on the NYSE under the ticker symbol “FI.”

The Fiserv class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Fiserv common stock between July 24, 2024, and July 22, 2025, both dates inclusive (the “Class Period”).

Fiserv is a global provider of transaction processing software for banks and retail merchants. Fiserv’s flagship product and most important growth driver is Clover, which provides merchants with a payment “gateway” to facilitate the secure processing of credit, debit, and mobile payment transactions on behalf of financial institutions and their customers. Clover revenue is primarily generated from transaction fees paid by merchants, which are computed as a percentage of the dollar value for goods and services charged through Clover. Fiserv positioned Clover as a comprehensive operating system for small businesses that also generates revenue from POS hardware sales and expensive subscription-based value-added services (“VAS”) like payroll administration software, merchant financing, and cash flow management solutions.

Fiserv investors have been focused on growth trends in Clover’s gross payment volume (“GPV”), which represents the total monetary value of transactions processed through the Clover platform. Accelerating GPV growth rates indicate an expanding number of new merchants on Clover, which translate into sustainable revenue growth. On the other hand, decelerating GPV growth rates signal a slower uptake of new merchants or the loss of existing merchants on the Clover platform (i.e., attrition). During the Class Period, the Company claimed that it closely tracked GPV trends and merchant attrition.

The Fiserv class action lawsuit alleges that Defendants misled investors by failing to disclose that: (1) due to cost issues and other problems with its Payeezy platform, Fiserv forced Payeezy merchants to migrate to its Clover platform; (2) Clover’s revenue growth and GPV growth were temporarily and unsustainably boosted by these forced conversions, which concealed a slowdown in new merchant business; (3) shortly after these conversions, a significant portion of former Payeezy merchants switched to competing solutions due to Clover’s high pricing, inadequate customer service, and other issues; (4) as a result of these merchant losses, Clover’s GPV growth was significantly slowing, and its revenue growth was unsustainable; and (5) based on the foregoing, Fiserv’s positive Class Period statements about Clover’s growth strategies, competition, attrition, GPV growth, and business prospects were materially false and misleading.

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If you purchased or otherwise acquired Fiserv common stock between July 24, 2024, and July 22, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Fiserv class action lawsuit is September 22, 2025.