Fiserv, Inc. (FI) Securities Class Action

The lawsuit seeks to represent investors who purchased or otherwise acquired Fiserv securities between July 23, 2025 and October 29, 2025. The litigation is focused on the propriety of Fiserv’s statements about its business, forecasting, and growth prospects.

More specifically, on July 23, 2025 Fiserv revised its 2025 organic revenue guidance to 10%, the low end of the company’s previous range, and adjusted upward the low end of its EPS guidance to $10.15.

The company assured investors that its revisions were supported by “anticipated[…] big ramp in growth in the back half of the year based on the rollout of a whole bunch of projects and initiatives[,]” which were “a granular list[…] that we had the ability to reunderwrite, study all of our initiatives and they are great initiatives.”

According to the complaint, Fiserv shocked investors on October 29, 2025. That day, Fiserv 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 (Michael Lyons) explained during the earnings call that during Q3 the company conducted a “rigorous analysis of the company’s operations, technology, financials and forecasting,” and “it became clear that there were incremental assumptions embedded in our guidance, including outsized business volume growth, record sales activity and broad-based productivity improvements, all of which would have been objectively difficult to achieve even with the right investment and strong execution.” Lyons also said Fiserv recalibrated the “optimistic growth assumptions in the original guidance,” deprioritized “short term revenue and expense initiatives[,]” and several initiatives were found to be “short-term driven” used to achieve prior targets.

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.

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 FI@hbsslaw.com.

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.