National securities law firm Glancy Prongay & Murray LLP (GPM) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of USA Technologies, Inc. (USAT or the Company) (NASDAQ: USAT) securities between November 9, 2017 and September 11, 2018, inclusive (the Class Period). USAT investors have until November 13, 2018 to file a lead plaintiff motion.
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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 Companys contractual arrangements, including the accounting treatment, financial reporting, and internal controls related to the arrangements. On this news, the Companys share price fell approximately 33% during intraday trading on September 11, 2018, thereby injuring investors.
The complaint filed in this class action alleges that the Company made false and misleading statements to the market. USA Technologies’ treatment of certain arrangements and contracts in its financial statements resulted in an internal investigation and a delay in filing the Company’s annual report for fiscal year 2018. The Company’s internal controls over financial reporting also suffered from serious weaknesses. Based on these facts, the Company’s public statements about business operations and prospects were false and materially misleading at all times throughout the class period.
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If you purchased shares of USAT during the Class Period you may move the Court no later than November 13, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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