BERWYN, Pa., Sept. 13, 2018 /PRNewswire/ -- RM LAW, P.C. has commenced an investigation into potential securities law violations by certain officers of USA Technologies, Inc. ("USA Technologies" or the "Company") (NASDAQ: USAT).
If you purchased shares of USA Technologies and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On September 11, 2018, USA Technologies announced that it would delay the filing of its Fiscal 2018 Form 10-K. Additionally, the Company disclosed that its Audit Committee 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." Following this news, shares of the Company's stock declined $6.10 per share, or nearly 40%, to close at $9.20 on September 11, 2018.
Our investigation is looking into whether defendants made false and misleading statements and/or failed to disclose to investors the following: (i) 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 (ii) consequently, USA Technologies' internal controls over financial reporting were weak and deficient. The complaint further alleges that, as a result of the foregoing, investors purchased USA Technologies' securities at artificially inflated prices during the Class Period and have suffered significant financial damages.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website by clicking here.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.