USA Technologies, Inc. (Nasdaq: USAT)
A class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of those who purchased shares of USA Technologies, Inc. (Nasdaq: USAT), between November 9, 2017 to September 10, 2018 (the "Class Period").
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations, business and financial results. Specifically, defendants failed to disclose certain accounting discrepancies that impacted the Company’s current and prior contractual arrangements, including the Company’s internal controls, accounting treatment and financial reporting related to such contractual arrangements. As a result of defendants’ materially false and misleading statements, USA Technologies securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $16.45 per share on August 17, 2018.
On September 11, 2018, before the market opened, USA Technologies issued a press release and filed a Form 8-K with the SEC announcing that the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2018 would not be filed by the September 13, 2018 due date. The press release further stated that the Company’s Audit Committee, along with independent legal and forensic accounting advisors, was in “the process of 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.” As a result of this news, the price of USA Technologies stock dropped $6.10 per share to close at $9.20 per share on September 11, 2018, a one-day decline of 39%.
If you are a current shareholder and/or purchased stock between November 9, 2017 to September 10, 2018 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.