USA Technologies, Inc. (NASDAQ: USAT)
Hagens Berman Sobol Shapiro LLP reminds investors in USA Technologies, Inc. (NASDAQ: USAT) of the November 13, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of New Jersey.
If you purchased or otherwise acquired securities of USAT between November 9, 2017 and September 11, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing USAT@hbsslaw.com.
On October 8, 2018, Defendants announced Nasdaq notified USA Technologies that, as a result of its failure to timely file its Annual Report on Form 10-K, the Company is noncompliant with Nasdaq listing rules.
This follows Defendants’ September 11, 2018 announcement they would not timely file the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2018.
They explained: “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.”
This news drove the price of USA Technologies shares down $6.10, or almost 40%, to close at $9.20 on September 11, 2018.
“We’re focused on investors’ losses and on whether Defendants misstated USA Technologies’ revenue and other accounts,” said Hagens Berman partner Reed Kathrein.
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