Which shareholders are eligible for the lead plaintiff appointment and how many may be involved?

Who can be tapped as lead plaintiff?

The Gross Law Firm’s notice makes it clear that only shareholders who bought Fiserv (FI) stock during the “class period” that the complaint defines are eligible to be considered for the lead‑plaintiff role. In practice, a plaintiff must have owned the shares at some point and retained them through the filing deadline (or otherwise be able to demonstrate a bona‑fide stake in the alleged wrongdoing). Anyone who purchased the stock outside that window – even if they still hold FI shares today – does not qualify.

How many lead plaintiffs can be named?

Class‑action practice usually limits the number of lead plaintiffs to a small, manageable group – most courts will allow up to five individuals (or entities) to serve as co‑lead plaintiffs. The Gross Law Firm’s outreach is therefore targeting a pool of eligible shareholders from which the court is likely to select no more than five lead plaintiffs, though the exact number will depend on the court’s discretion and the strength of each candidate’s claim.

Trading implication: The announcement may trigger modest short‑term volatility as investors assess the potential settlement exposure. If a strong lead plaintiff emerges, the market could price in a higher probability of a sizable recovery for FI shareholders, creating a slight upside bias for the stock on the back of the litigation‑related news. However, because the case is still in the early filing stage and the ultimate impact remains uncertain, most traders will keep positions modest and watch for any updates on the court’s lead‑plaintiff selection.