BOSTON, Sept. 12, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action lawsuit has been filed against USA Technologies, Inc. ("USA Technologies" or the "Company") (NASDAQ: USAT) and certain of its officers and directors alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are reminded of the November 13, 2018 lead plaintiff deadline.
On September 11, 2018, the Company announced that it will not file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the "Annual Report") by the September 13, 2018 due date. USA Technologies further stated that, "The Audit Committee of the Company's Board of Directors, with the assistance of independent legal and forensic accounting advisors, is 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."
On this news, USA Technologies shares plunged more than 39% on September 11, 2018.
The complaint alleges that the Company 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.
If you purchased or otherwise acquired USAT securities between November 9, 2017 and September 11, 2018 and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney John DeFelice at (888) 868-2385, by email at email@example.com or by visiting http://shareholder.law/usatech.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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