Hypercom Class Action Lawsuit Dismissed by Court

A U.S. District Court in Arizona has dismissed with prejudice a securiries class action lawsuit against Hypercom Corp., a provider of electronic payment terminals and software on the ground that plaintiffs failed to state claims under federal securities law.

The lawsuit was also filed against Hypercom’s former chief financial officer, John Smolak. The lawsuit resulted from the company’s restatement of results for the first three quarters of 2004 because leases were not accounted for correctly. Hypercom and Smolak were named as defendants in the lawsuit.

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