In re Fidelity National Information Services, Inc. Securities Litigation

On June 8, 2023, Labaton Keller Sucharow was appointed lead counsel in a securities class action against Fidelity National Information Services, Inc. (FIS or the Company).

On August 8, 2023, Lead Plaintiffs filed a Consolidated Amended Complaint (the Complaint).  The Complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5, on behalf of all persons or entities who purchased or otherwise acquired FIS common stock between May 7, 2020, and February 10, 2023, inclusive (the Class Period).

The Complaint alleges that during the Class Period, Defendants misled investors about the success of the Company’s $48 billion acquisition of Worldpay.  Throughout the Class Period, Defendants allegedly misleadingly touted their revenue synergies and cross-selling with Worldpay, leading investors to believe the acquisition was a success when, in reality, it was a failure.  Furthermore, allegedly in violation of GAAP, Defendants failed to write down the value of Worldpay’s goodwill, despite allegedly knowing of several facts demonstrating that the asset was worth many billions less than what they publicly stated.

The full truth was allegedly revealed on February 10, 2023, when FIS was forced to take a $17.6 billion write-down on the value of Worldpay’s goodwill.  A few months later, FIS ultimately sold a majority stake of Worldpay for $11.7 billion, a fraction of the Company’s $48 billion purchase price.

In a significant development, on September 30, 2024, the Court denied Defendants' motion to dismiss, allowing the case to proceed.  A motion for class certification was filed on March 3, 2025.

The Parties agreed to mediate in October 2025, and in December 2025, the Parties reached an agreement to settle the matter for $210 million on behalf of all persons or entities who purchased or otherwise acquired FIS common stock during the Class Period.  A motion for preliminary approval of the proposed Settlement and authorization to notify the settlement class is pending.

The case is In re Fidelity National Information Services, Inc. Securities Litigation, No. 3:23-cv-252-TJC-PDB (M.D. Fla.).  Labaton Keller Sucharow represents Lead Plaintiffs Nebraska Investment Council, North Carolina Retirement Systems, and North Carolina Supplemental Retirement Plans.