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CheckFree Corporation (NASDAQ: CKFR) Investor Securities Class Action Lawsuit 04/10/2007

  • If you purchased shares of CheckFree Corporation (NASDAQ: CKFR), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
CheckFree Corporation
Security
NASDAQ: CKFR

Case Name
CheckFree Corporation Shareholder Investor Securities Class Action Lawsuit 04/10/2007
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Georgia

Class Period Begin
Class Period End
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Summary

May 20, 2008 - The court approved the dismissal.
May 19, 2008 - The lead plaintiff filed a notice of voluntary dismissal.

April 25, 2008 - The court granted the defendants' motion to dismiss.

October 11, 2007 - The defendants filed a motion to dismiss.

August 27, 2007 - The lead plaintiff filed a consolidated complaint on behalf of investors who purchased CheckFree Corporation (NASDAQ: CKFR) common shares between April 25, 2006 and October 24, 2006. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 25, 2006 and October 24, 2006.

June 29, 2007 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 11, 2007 - A lead plaintiff motion was filed.

April 21, 2007 - Another investor filed a complaint.

April 10, 2007 - An investor in shares of CheckFree Corporation (NASDAQ: CKFR) filed a lawsuit in the U.S. District Court for the Northern District of Georgia against CheckFree Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 4, 2006 and August 1, 2006.

The complaint alleges that defendants Checkfree Corporation and certain of its officers and directors made false and misleading statements and omissions regarding the company’s business, accounting practices and financial results between April 4, 2006 and August 1, 2006. As early as April of 2006, Checkfree Corporation issued objectively unreasonable guidance regarding the purported sustainability of month-over-month growth in their electronic commerce business, which included the projection of “25% annual transaction growth for the foreseeable future.” Upon these false and misleading representations, stock analysts raised CheckFree Corporation (NASDAQ: CKFR) target price, as well as FY 2006 and 2007 EPS estimates, while issuing favorable “Buy” and “Outperform” ratings.

The complaint further alleges that on August 1, 2006, defendants shocked the market with their disclosure of laggard fourth-quarter revenues, including a 2% decline in the company’s Payment Services division. As a result of disclosure of the corrective disclosure of the laggard nature of CheckFree Corporation’s consumer transactions growth, the price of CheckFree Corporation (NASDAQ: CKFR) shares plummeted $5.93 or 15.9%, to close on August 2, 2006 at $37.20, on extremely heavy volume of over 17.2 million shares.