Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in U.S.A. Technologies, Inc. (U.S.A. Technologies or the Company) (NASDAQ:USAT) of the November 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in U.S.A. Technologies stock or options between November 9, 2017 and September 11, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/USAT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased U.S.A. Technologies securities between November 9, 2017 and September 11, 2018 (the Class Period). The case, Gouet v. USA Technologies, Inc. et al., No. 2:18-cv-13759 was filed on September 11, 2018 and has been assigned to Judge Cathy L. Waldor.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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; and that (2) consequently, USA Technologies internal controls over financial reporting were weak and deficient.
Specifically, on September 11, 2018, U.S.A. Technologies disclosed that it was unable to timely file its form 10-K with the SEC for the fiscal year ended June 30, 2018 because it was conducting an internal investigation of current and prior arrangements relating to certain of its contractual arrangements including the accounting treatment, financial reporting and internal controls related to such arrangements.
On this news, the Companys share priced declined from $15.30 per share on September 10, 2018 to $9.20 per share on September 11, 2018a $6.10 or 39.87% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding U.S.A. Technologys conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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