[Heartland Payment Systems trades as: NYSE:HPY - WK]
By Warwick Ashford
17 Mar 2009
Heartland Payment Systems faces a class action lawsuit from investors
who claim they lost money followinga breach of its debit and credit card
processing systems in 2008.
The company revealed on 20 January that its systems had been compromised
by hackers, exposing card account numbers, expiry dates and data from
the card's magnetic stripe.
Heartland said in a small number of cases cardholder names were also
potentially at risk, but no personal identification numbers had been
An investor has filed a proposed class action in the US district court
of New Jersey on behalf of all other investors in Heartland between
August 2008 and February 2009.
The complaint alleges that Heartland issued false or misleading
statements and failed to disclose material adverse facts about its
business, operations and prospects during that period.
Heartland's shares during that period also declined from $21.84 per
share, or approximately 80%, from its high of $27.19 per share in
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