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Business Wire 25-Jan-2023 10:00 AM
Law Offices of Howard G. Smith announces an investigation on behalf of Ryvyl Inc. ("Ryvyl" or the "Company") (NASDAQ:RVYL) investors concerning the Company's possible violations of federal securities laws.
On January 20, 2023, after the market closed, Ryvyl announced that its previous financial statements for the year-end and interim periods for fiscal 2021 and 2022 "can no longer be relied upon." The Company anticipated filing restatements, which will "result in decreases to total revenue, increased net losses, decreases to total assets, and [decrease] total stockholder's equity." The Company also disclosed that it had determined "one or more material weaknesses" in its internal control over financial reporting, including a "material weakness related to accounting for certain complex business transactions."
On this news, Ryvyl's stock price fell $0.12, or 14.6%, to close at $0.70 per share on January 23, 2023, thereby injuring investors.
If you purchased Ryvyl securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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