Fiserv ($FI) Clover Churn Concealment, Growth Misstatements, and Guidance Cut Case

Court: S.D. New York

Case: 1:25-cv-06094

• FI investors filed a claim against Fiserv for concealing customer attrition and churn within its Clover payment platform, misrepresenting growth trends, and issuing misleading financial guidance to support its valuation.
• After reporting sharp deceleration in Clover growth, warning of further churn, and cutting full-year guidance, FI dropped a combined 41.5%.
• FI investors can join this case to be notified about potential recovery.

Case Details:

Between February 27, 2024, and July 23, 2025, Fiserv repeatedly told investors that its Clover platform was delivering strong and sustainable growth, emphasizing metrics like gross payment volume (GPV) and Merchant Solutions revenue. Executives claimed Clover was on track for consistent high-teens growth, driven by product differentiation and customer expansion.

In truth, Fiserv was experiencing substantial customer attrition and churn in its Clover segment—especially among larger merchants. Internally, the company knew that the growth in reported GPV was increasingly disconnected from actual customer health, driven by price increases and inflation rather than underlying usage.

On April 24, 2025, Fiserv disclosed that Clover GPV growth had slowed to just 8%, down from 14–17% in the prior year. The stock fell 18.5% that day.

On May 15, 2025, Fiserv admitted the deceleration would continue and that churn was “very significant,” according to analyst commentary. FI dropped another 16.2%.

Finally, on July 23, 2025, Fiserv cut full-year guidance and revealed further slowdown in the Merchant segment. Shares dropped 13.9%, closing at $143.00.

Based on these events, FI investors filed a claim against Fiserv, alleging the company:

• It misrepresented the health and growth of the Clover platform.
• It concealed increasing churn and customer losses in its core merchant base.
• It maintained inflated guidance despite known deterioration in key metrics.

Investors believe Fiserv overstated Clover’s momentum to preserve its valuation and downplayed internal challenges until the stock collapsed.