U.S. Senate Democrats Ron Wyden and Elizabeth Warren are demanding answers from Fiserv (FI) about former CEO Frank Bisignano's role in the payment technology company's recent slump and its discredited financial projections.
Last week, FI shares plunged after the firm
Bisignano is alleged to have failed to manage Fiserv effectively, possibly misleading investors about Fiserv's financial status, which is linked to the company's stock slump and discredited projections.
Senate Democrats demand accountability for Bisignano's role in poor financial forecasts and leadership, raising concerns about his suitability for federal roles amid shareholder losses.
Lawmakers highlighted that Bisignano sold up to $530M in Fiserv shares shortly after his Senate confirmation, prompting scrutiny over potential conflicts or misuse of insider knowledge.
