April 30, 2012 at 14:58 PM EDT
VeriFone Downgraded On Revenue Accounting Concerns
Credit card swipe machine maker Verifone Systems (PAY) skidded after a Deutsche Bank analyst questioned its accounting of organic revenue, and downgraded shares. VeriFone was off 13% to 47.39 in afternoon trading. In a note Monday, the brokerage said VeriFone overstated revenue growth for the first quarter since most of its revenue increase was from selling its legacy products to Hypercom customers. It acquired rival Hypercom in August. By
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