All articles tagged with #clover
Fiserv's stock plummeted 44%, wiping out $30 billion in market value, after CEO Mike Lyons announced a rollback of fee hikes on Clover, its flagship point-of-sale system, due to customer dissatisfaction and a review revealing management missteps and overpromising growth, highlighting the risks even established fintech companies face from management discipline and customer demand.
Fiserv faces a class action lawsuit alleging it misled investors about the growth of its Clover platform by hiding slowdowns and forcing merchant conversions, leading to significant stock declines and ongoing legal and financial scrutiny.
Fiserv is sued for allegedly forcing merchants to migrate to its Clover POS system and misleading investors about its growth, concealing a slowdown in new merchant sign-ups and losing merchants to competitors. The lawsuit claims Fiserv inflated its growth figures through forced migrations and false statements, leading to a decline in stock value. Fiserv disputes the allegations and plans to defend itself.