Cases
USA Technologies, Inc. (USAT)
Securities Class Action
Overview
Overview
- Date:
- 9/12/2018
- Company Name:
- USA Technologies, Inc.
- Stock Symbol:
- USAT
- Class Period:
- FROM 11/9/2017 TO 9/11/2018
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: District of New Jersey
NEW YORK, September 12, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court of New Jersey on behalf of all persons or entities who purchased or otherwise acquired USA Technologies, Inc. (USAT) securities between November 9, 2017 and September 11, 2018 (the “Class Period”). Investors have until November 13, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) USAT’s treatment of contractual arrangements in its financial statements would result in an internal investigation and delay the filing of its annual report for fiscal year 2018; (2) consequently, USAT’s internal controls over financial reporting were weak and deficient; (3) as a result, defendants’ statements about USA Technologies’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 11, 2018, USAT announced that it will not file its Annual Report for the fiscal year ended June 30, 2018 by the September 13, 2018 deadline. The company further stated that its Audit Committee is conducting an internal investigation related to certain of the company’s contractual arrangements, including the accounting treatment, financial reporting, and internal controls related to the arrangements.
On this news, USAT’s share price fell approximately 33%, closing at $9.20 on September 11, 2018.
If you purchased USAT securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) USAT’s treatment of contractual arrangements in its financial statements would result in an internal investigation and delay the filing of its annual report for fiscal year 2018; (2) consequently, USAT’s internal controls over financial reporting were weak and deficient; (3) as a result, defendants’ statements about USA Technologies’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 11, 2018, USAT announced that it will not file its Annual Report for the fiscal year ended June 30, 2018 by the September 13, 2018 deadline. The company further stated that its Audit Committee is conducting an internal investigation related to certain of the company’s contractual arrangements, including the accounting treatment, financial reporting, and internal controls related to the arrangements.
On this news, USAT’s share price fell approximately 33%, closing at $9.20 on September 11, 2018.
If you purchased USAT securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.