Faruqi & Faruqi, LLP Announces Investigation of Fidelity National Information Services, Inc. (FIS)
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.
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.
If you are a current FIS shareholder, and you would like to discuss your legal rights, contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding FIS’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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