Business Wire 14-Sep-2018 6:17 PM
Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of USA Technologies, Inc. (NASDAQ:USAT) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between November 9, 2017 and September 11, 2018. USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the U.S. and internationally.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/usa-technologies-sept-2018/
USA Technologies Unable to Timely File Its Form 10-K with the SEC
According to the complaint, USA Technologies repeatedly assured investors regarding the accuracy of its financial reporting. It was therefore surprising to investors, when, on September 11, 2018, USA Technologies disclosed that it was unable to timely file its Form 10-K with the Securities and Exchange Commission for fiscal year ended June 30, 2018, because it was "conducting an internal investigation of current and prior period matters relating to certain of the Company's contractual arrangements, including the accounting treatment, financial reporting and internal controls related to such arrangements." On this news, investors sold off shares of their USA Technologies stock, causing it to fall more than 33% on September 11, 2018.
USA Technologies Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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