USA Technologies, Inc.
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS ACTION SUIT AGAINST USA TECHNOLOGIES, INC.
San Diego – September 13, 2018 – Robbins Geller Rudman & Dowd LLP (http://www.rgrdlaw.com/cases/usatechnologies/) today announced that a class action has been commenced on behalf of purchasers of USA Technologies, Inc. (NASDAQ:USAT) securities during the period between November 9, 2017 and September 10, 2018 (the “Class Period”). This action was filed in the District of New Jersey and is captioned Gray v. USA Technologies, Inc., et al., No. 18-cv-13860.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased USA Technologies securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from September 11, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. You can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/usatechnologies/.
The complaint charges USA Technologies and certain of its officers with violations of the Securities Exchange Act of 1934. USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations, business and financial results. Specifically, defendants failed to disclose certain accounting discrepancies that impacted the Company’s current and prior contractual arrangements, including the Company’s internal controls, accounting treatment and financial reporting related to such contractual arrangements. As a result of defendants’ materially false and misleading statements, USA Technologies securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $16.45 per share on August 17, 2018.
On September 11, 2018, before the market opened, USA Technologies issued a press release and filed a Form 8-K with the SEC announcing that the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2018 would not be filed by the September 13, 2018 due date. The press release further stated that the Company’s Audit Committee, along with independent legal and forensic accounting advisors, 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.” As a result of this news, the price of USA Technologies stock dropped $6.10 per share to close at $9.20 per share on September 11, 2018, a one-day decline of 39%.
Plaintiff seeks to recover damages on behalf of all purchasers of USA Technologies securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five 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 both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and 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. Please visit http://www.rgrdlaw.com for more information.