BENSALEM, Pa., Sept. 17, 2018 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of USA Technologies, Inc. (“USAT” or the “Company”) (NASDAQ: USAT) securities between November 9, 2017 through September 11, 2018, inclusive (the “Class Period”). USAT investors have until November 13, 2018 to file a lead plaintiff motion.
Investors suffering losses on their USAT investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On September 11, 2018, USAT announced that it will not file its Annual Report for the fiscal year ended June 30, 2018 by the September 13, 2018 deadline. The Company further stated that its Audit Committee is conducting an internal investigation related to certain of the Company’s contractual arrangements, including the accounting treatment, financial reporting, and internal controls related to the arrangements. On this news, the Company’s share price fell $6.10 per share, or nearly 40%, to close on September 11, 2018 at $9.20 per share.
According to the lawsuit, 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.
If you purchased shares of USAT, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com