Fiserv, Inc. (FI) Investigation

The investigation is focused on the propriety of Fiserv’s statements about its business and growth prospects.

On May 6, 2025, after the U.S. Senate confirmed Fiserv’s then-CEO and Chairman Frank Bisignano as the Commissioner of the Social Security Administration, the company announced the appointment of Michael Lyons as its new CEO and Doyle Simmons as its non-executive Chairman.

On October 29, 2025, Fiserv shocked investors when it reported a sequential decline in Q3 2025 adjusted revenue, slashed organic revenue growth expectations to just 3.5%-4%, and similarly slashed EPS outlook to $8.50-$8.60. The company also said its chief financial officer was leaving and it was shaking up its board of directors, replacing Simmons as well as the head of the audit committee (Kevin Warren) effective January 1, 2026.

Fiserv’s new CEO explained during the earnings call that during Q3 the company conducted a “rigorous analysis of the company’s operations, technology, financials and forecasting,” recalibrated the “optimistic growth assumptions in the original guidance” set by prior leaders on April 24, 2025 and deprioritized “short term revenue and expense initiatives.”  Lyons also said the analysis revealed several initiatives were found to be “short-term driven” used to achieve prior targets.  “As I got a more fulsome understanding of those, that obviously prompted some dissatisfaction with the way we do the process, and we’ve made leadership changes around that,” Lyons told analysts on the earnings call.

The market swiftly reacted, sending the price of Fiserv shares down over $59 during intraday trading, and wiped out $32 billion of shareholder value in a single day.

One analyst reportedly remarked that the magnitude of the earnings miss and guidance cut was “‘difficult to comprehend.’”  Another reportedly commented that Fiserv’s results “‘were not even ballpark close to Street’” and that the Q3 results were “‘abysmal.’”

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the FI investigation about?

We are focused on whether Fiserv may have intentionally misled investors about the state of its business and growth prospects.

WHAT SHOULD I DO?

I worked at FI. What should I do?

If you were an employee of FI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in FI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any FI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.