Recent developments have hurt Fidelity National Information Services’ bottom line and stock price. Changes in executive leadership, decline in stock price, rising competition in the Merchant Solutions industry, and the subsequent decision to sell a division are all highlighted here. These reasons have added to the investor anxiety,and as a class action lawsuit was filed on behalf of Fidelity National Information Services, it urged the investors to contact the firm before May 5, 2023. Fidelity National reported its second-quarter 2022 financial results in Form 8-K, submitted to the SEC on August 4, 2022. According to the 8-K, James Woodall would “step down” as Corporate Executive Vice President and Chief Financial Officer of Fidelity National on November 4, 2022, and be succeeded by Erik Hoag. Shares of Fidelity National fell from 104.13 dollars on August 3, 2022, to 96.57 dollars on August 4, 2022, a drop of 7.56 dollars, or around 7.26%.

Fidelity National reported poor quarterly earnings on November 3, 2022, and investors were constantly reminded about the securities class action lawsuit that was filed. The margins of profit in the Merchant Solutions business “saw increasing pressure in the quarter,” CEO and later Executive Chairman of the Company’s Board of Directors Gary Norcross said during an earnings conference call, leading to “an overall adjusted operating profit margin contracting 150 points year over year.” For his part, Norcross said, “We are dissatisfied with the business profits, and so we are taking measures to address them.” As a result of this information, the Fidelity National share price dropped from 79.47 to 57.18 dollars on November 3, 2022.

Fidelity National, which had acquired payments company Worldpay on July 31, 2019, announced in a press release attached to the Form 8-K that it would be selling the business and that it had “recorded a non-cash impairment of goodwill charge of 17.6 billion dollars associated with the Merchant Solutions unit in the quarter.” In a Current Report on Form 8-K submitted to the SEC, Fidelity National reported its financial results for the year ending December 31, 2022. Shares of Fidelity National fell from $75.43 to $66.00 on February 13, 2023, on the back of this news, a drop of $9.43, or around 12.50%.

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