A federal judge dismissed a shareholder lawsuit against VeriFone Systems Inc., the company announced Friday.
The litigation — stemming from VeriFone's restatement of 2007 financial results — alleged that a bookkeeping error by the San Jose, Calif., terminal maker violated the Securities Exchange Act of 1934.
At the time, VeriFone said accounting errors it discovered forced it to restate financial results for the first three quarters of the company's 2007 fiscal year.
As a result, the share price was cut in half, and at least 11 law firms filed class actions against VeriFone.
"The court dismissed the case with prejudice, terminating the matter and thus prohibiting plaintiffs from amending their pleadings," the company said.
Last week, VeriFone said its revenue for the quarter that ended July 31 rose 24% from a year earlier, to a record $261 million.
