NEW YORK, NY / ACCESSWIRE / October 17, 2019 / Pomerantz LLP is investigating claims on behalf of investors of USA Technologies, Inc. ("USA Tecnologies" or the "Company") (OTC PINK:USAT). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether USA Technologies and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 9, 2019, post-market, USA Technologies filed a Form 8-K with the U.S. Securities and Exchange Commission advising investors that the Company's financial statements for the fiscal years ended June 30, 2015 and June 30, 2016, and for the fiscal quarters and year-to-date ended September 30, 2016, December 31, 2016, and March 31, 2017, should no longer be relied upon.
USA Technologies further advised investors that the Company's annual report for fiscal year 2019 contained restated financial data for the foregoing periods. The Company cited "significant financial reporting issues" that "resulted in further adjustments to the Company's previously issued or prior years' unissued financial statements, and related to revenue recognition, deferred income tax accounting, sales tax reserves, reserves for bad debts, inventory reserves, sale-leaseback accounting, balance sheet classification of preferred stock, and other matters."
On this news, USA Technologies' stock price fell $1.06 per share, or 14.7%, to close at $6.14 per share on October 10, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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