NEW YORK, Sept. 25, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against USA Technologies, Inc. ("USA Technologies" or the "Company") (NASDAQ: USAT) and other defendants, related to alleged violations of federal securities laws. If you purchased USAT securities between November 9, 2017 through September 11, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed 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; (2) consequently, USA Technologies' internal controls over financial reporting were weak and deficient; (3) as a result, Defendants' statements about USA Technologies' business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 11, 2018, USA 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 period matters relating to certain of the Company's contractual arrangements, including the accounting treatment, financial reporting and internal controls related to such arrangements."
On this news, USA Technologies' stock price fell $6.10 per share – 39.87% – to close at $9.20 on September 11, 2018.
What You Can Do
If you purchased USA Technologies securities between November 9, 2017 through September 11, 2018, inclusive, or if you have questions about this notice, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. The lead plaintiff deadline is November 13, 2018.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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