OneSpan Inc. Class Action Lawsuit
- Company Name
- OneSpan Inc.
- Stock Symbol
- Class Period
- May 9, 2018 to August 11, 2020
- Motion Deadline
- October 19, 2020
- Northern District of Illinois
The OneSpan Inc. class action lawsuit charges OneSpan and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of OneSpan securities between May 9, 2018 and August 11, 2020, inclusive (the “Class Period”). The OneSpan class action lawsuit was commenced on August 20, 2020 in the Northern District of Illinois and is captioned Almendariz v. OneSpan Inc., No. 20-cv-04906.
OneSpan, together with its subsidiaries, designs, develops, and markets digital solutions for identity, security, and business productivity worldwide.
The complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose, among other things, that OneSpan had inadequate disclosure controls and procedures and internal control over financial reporting and that OneSpan had overstated its revenue relating to certain contracts with customers involving software licenses in its financial statements spread out over the quarters from the first quarter of 2018 to the first quarter of 2020.
On August 4, 2020, OneSpan postponed its second quarter 2020 earnings release and conference call by one week, attributing the delay to prior-period revenue-recognition problems relating to certain software license contracts spread out over the quarters from the first quarter of 2018 to the first quarter of 2020. OneSpan further stated that “[t]he net contract assets that originated from a portion of these contracts in prior periods were not properly accounted for in subsequent periods, which caused overstatements of revenue.”
Then, on August 11, 2020, OneSpan disclosed that it would not timely file its quarterly report for the quarter ended June 30, 2020, that same-quarter year-over-year revenues had declined, and that it was withdrawing its full year 2020 earnings guidance, which OneSpan had affirmed one quarter earlier. On this news, the price of OneSpan shares fell nearly 40%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased OneSpan securities during the Class Period to seek appointment as lead plaintiff in the OneSpan class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the OneSpan class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the OneSpan class action lawsuit. An investor’s ability to share in any potential future recovery of the OneSpan class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the OneSpan class action lawsuit or have questions concerning your rights regarding the OneSpan class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the OneSpan class action lawsuit must be filed with the court no later than October 19, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.