USA Technologies investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally.
The Class Period commences on November 9, 2017, when the company filed a Form 10-Q for the quarter ended September 30, 2018 with the SEC, which provided the company’s first quarter 2018 financial results and position.
The complaint alleges that on September 11, 2018, USA Technologies disclosed that it was unable to timely file its Form 10-K with the SEC for the fiscal year ended June 30, 2018 as 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.”
Following this news, shares of USA Technologies fell $5.74 per share, or over 37%, during intraday trading on September 11, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) consequently, USA Technologies’ internal controls over financial reporting were weak and deficient; (3) as a result, the defendants’ statements about USA Technologies’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you are a member of the class described above, you may no later than November 13, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com