Company: USA Technologies, Inc.
Class Period: November 9, 2017 — September 11, 2018
Court: U.S.D.C. - District of New Jersey
Deadline: November 13, 2018
Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against USA Technologies, Inc. (NASDAQ: USAT) (“USA Technologies” or the “Company”) on behalf of purchasers of the Company’s securities between November 9, 2017 and September 11, 2018, inclusive (the “Class Period”).
On September 11, 2018, USA Technologies announced that it would delay the filing of its Fiscal 2018 Form 10-K. Additionally, the Company disclosed that its Audit Committee 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.” Following this news, shares of the Company’s stock declined $6.10 per share, or nearly 40%, to close on September 11, 2018 at $9.20.
The shareholder class action complaint alleges that defendants made false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) USA Technologies’ 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; and (ii) consequently, USA Technologies’ internal controls over financial reporting were weak and deficient. The complaint further alleges that, as a result of the foregoing, investors purchased USA Technologies’ securities at artificially inflated prices during the Class Period, and have now suffered significant financial damages.
IMPORTANT DEADLINE: Investors who purchased USA Technologies’ securities during the Class Period may, no later than November 13, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who purchased the Company’s securities during the Class Period and suffered an investment loss are encouraged to contact Kaskela Law LLC for additional information about this action and their legal rights and/or complete the information form on this page.