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Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against USA Technologies, Inc.

To join this class action, click here to obtain an Investor Certification.  Once completed, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK  73120 ATTN:  Robin. 

On September 11, 2018, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against USA Technologies, Inc. (NASDAQ: USAT).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 9, 2017 through September 11, 2018. 

On September 11, 2018, USA Technologies disclosed that it will not be in a position to file its Form10-K with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2018.  The Company’s Audit Committee, along with assistance of independent legal and forensic accounting advisors, are “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’ stock price fell $5.74 per share, to close at $9.20 on September 11, 2018.

Plaintiff seeks to recover damages on behalf of all USA Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Tuesday, November 13, 2018 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:  Robin Hester at rkh@federmanlaw.com

 

 

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