Fiserv, Inc. (FI) Faces Lawmakers’ Scrutiny After Admission to Objectively Difficult-to-Achieve Guidance Assumptions, “‘Abysmal’” Q3 2025 Results – Hagens Berman

SAN FRANCISCO - On November 7, 2025, The Wall Street Journal reported that Senate Democrats are demanding information related to Fiserv, Inc.’s (NYSE: FI) former CEO and Chairman Frank Bisignano after the company said that it wouldn’t reach financial forecasts set by its former boss.

The lawmakers reportedly are seeking information about “Bisignano’s role in developing and approving [Fiserv’s] financial forecasts, his focus on short-term initiatives within the company and any internal reviews related to the company’s issuance of financial guidance.” They reportedly wrote in their letter to Fiserv, “[a]t a minimum, Mr. Bisignano appears to have failed to manage Fiserv effectively, and may have misled investors and the public about the company’s financial status.” 

The probe follows the filing of a securities fraud class action styled Cypanga Sicav SIF v. Fiserv, Inc., et al., No. 2:25-cv-01716 (E.D. Wis.), after investors saw the price of their shares crater 47% on October 29, 2025 amid the company’s Q3 2025 financial results (reportedly characterized as “‘abysmal’” by one analyst) and dramatically-reduced prior guidance because as the company admitted, it contained assumptions that were “objectively difficult to achieve even with the right investment and strong execution.”

Hagens Berman is actively investigating the alleged claims.  The firm urges Fiserv investors who suffered substantial losses to submit your losses now.

Class Period: July 23, 2025 – Oct. 29, 2025

Lead Plaintiff Deadline: Jan. 5, 2026

Visit: www.hbsslaw.com/investor-fraud/fi

Contact the Firm Now: [email protected], 844-916-0895

Fiserv, Inc. (KBR) 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.

“We’re focused on whether Fiserv may have intentionally misled investors about the state of its business and growth prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Fiserv and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Fiserv case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Fiserv should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email [email protected].

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About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.