NEW YORK, Oct. 09, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who purchased or otherwise acquired the securities of USA Technologies, Inc. (“USA Technologies” or the “Company”) (NASDAQ:USAT) between September 29, 2014 and September 29, 2015, inclusive. Shareholders of USA Technologies, Inc. who incurred losses on shares purchased within the Class Period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of USA Technologies, Inc. during the period from September 29, 2014 and September 29, 2015, inclusive, you may, no later than December 1, 2015, request that the Court appoint you lead plaintiff of the proposed class.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) there were significant deficiencies in both the design and operating effectiveness of the company’s internal control over financial reporting; (ii) the deficiencies, when aggregated, represented a material weakness in internal control; (iii) as a result of these deficiencies, the Company’s procedures failed to identify a large number of uncollectible small balance accounts; and (iv) as a result of the foregoing, USA Technologies’ public statements were materially false and misleading at all relevant times.
On September 29, 2015, USA Technologies filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission (“SEC”). In the Notification of Late Filing, the Company announced that it was unable to file its annual report for the fiscal year ended June 30, 2015 on Form 10-K with the SEC, raising concerns that an accounting restatement could be possible.
As a result of this news, shares of USA Technologies fell $0.28, or 10.1%, to close at $2.49 on September 30, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “USA Technologies Investigation.”
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