SOURCE: Brower Piven, A Professional Corporation
Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Heartland Payment Systems, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 5, 2009 Lead Plaintiff Deadline
BALTIMORE, MD--(Marketwire - March 13, 2009) - Brower Piven, A Professional Corporation
announces that a class action lawsuit has been commenced in the United
States District Court for the District of New Jersey on behalf of
purchasers of the common stock of Heartland Payment Systems, Inc.
("Heartland" or the "Company") (
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 5, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's payment processing network had been breached by malicious software, exposing tens of millions of debit cardholders to fraud because 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 the complaint, on January 20, 2009, after the Company revealed that the Company's payment processing network had been breached by malicious software, and on February 24, 2009, after the Company posted lower than expected earnings for the 2008 fiscal year and fourth quarter and stated that it could not estimate losses it might incur in connection with the security breach, the value of Heartland's stock declined significantly.
If you have suffered a net loss for all transactions in Heartland Payment Systems, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation
Baltimore, Maryland
410/986-0036
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