VeriFone Sets Do or Die Date With SEC (PAY)

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By Douglas A. McIntyre Updated Published
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VeriFone Holdings Inc. (NYSE: PAY) is seeing a rather solid recovery this morning early on, but the volume is rather light considering its past and shares have already pulled back nearly 5% from its post-open highs so far.

The company issued a release today with the announcement that it plans to FINALLY file its amended and restated financial reports as follows:

  • Quarterly report for January 31, 2007
  • Quarterly report for April 30, 2007
  • Quarterly report for July 31, 2007
  • Quarterly report for October 31, 2007
  • Quarterly report for January 31, 2008
  • Quarterly report for April 30, 2008
  • Annual report for the fiscal year ended October 31, 2007.

The troubled financial transaction processing terminal operator has set the do or die date of August 19, 2008 as the date it will make its filings with the Securities and Exchange Commission on August 19, 2008.

This stock has had a miserable time after it disclosed its issues in 2007 which would cause restatements over accounting issues.  To illustrate just how bad the pressure has been even after a 50% recover from lows, this stock’s 52-week trading range id $10.10 to $50.00.

Jon C. Ogg
July 28, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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