Faruqi & Faruqi, LLP Announces Investigation of Fidelity National Information Services, Inc.
Published on Friday, 15 June 2012 19:24 Written by TradersHuddle Staff
NEW YORK, June 15, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Fidelity National Information Services, Inc. ("FIS" or the "Company") (NYSE: FIS). FIS is a third-party service provider that banks and credit unions hire to handle critical work ranging from processing prepaid-card transactions to providing software for deposit systems. The investigation focuses on possible breaches of fiduciary duties by the board of directors and/or officers of the Company concerning their failure to properly ensure the safety of the personal information of individuals in connection with these services.
Request more information now by clicking here: www.faruqilaw.com/FIS.
The security issues at FIS are outlined in a six-page confidential report sent in late February by the Federal Deposit Insurance Corp. (FDIC) to Frank Martire, the Company's chief executive. The letter followed an October 2011 examination conducted by the FDIC, the Federal Reserve Bank of Atlanta and the Office of the Comptroller of the Currency. Regulators focused on oversight issues following a 2011 breach at FIS that resulted in at least $12.7 million in fraud. The letter from regulators ordered FIS to immediately address eight issues after regulators determined that actions taken by the company "are insufficient to address regulatory concerns or identify the root causes of the weaknesses discovered." Among other things, the examiners determined that FIS' supervision of risk management and information security was unsatisfactory.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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Faruqi & Faruqi, LLP
Beth Keller, Esq.
369 Lexington Avenue, 10th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
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