NEW YORK, Sept. 12, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of USA Technologies, Inc. ("USAT" or the "Company") (NASDAQ: USAT) between November 9, 2017 and September 11, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover USAT shareholders' investment losses.
If you purchased USAT securities, and/or would like to discuss your legal rights and options, please visit USAT Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) USAT's 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, USAT's internal controls over financial reporting were weak and deficient; (3) as a result, Defendants' statements about USAT's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 11, 2018, USAT disclosed that it was unable to timely file its Form 10-K with the SEC for the fiscal year ended June 30, 2018 as 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, USAT stock fell $6.10 per share, or over 39%, from its previous closing price to close at $9.20 per share on September 11, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased USAT securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/usa-technologies-inc-usat-lawsuit-class-action-fraud-stock-79/ or contact Daniel Sadeh toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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