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Exela Technologies, Inc. (NASDAQ: XELA) Investor Securities Class Action Lawsuit 03/23/2020

  • If you purchased shares of Exela Technologies, Inc. (NASDAQ: XELA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Exela Technologies, Inc.
Security
NASDAQ: XELA

Case Name
Exela Technologies Shareholder Class Action Lawsuit 03/23/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

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Summary

August 11, 2020 - An amended complaint was filed.

March 23, 2020 - An investor in shares of Exela Technologies, Inc. (NASDAQ: XELA) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Exela Technologies, Inc. in connection with certain allegedly false and misleading statements made between March 16, 2018 and March 16, 2020.

Irving, TX based Exela Technologies, Inc. operates as a location-agnostic global business process automation (BPA) provider combining industry-specific and multi-industry enterprise software and solutions worldwide. Exela Technologies, Inc. reported that its annual Total Revenue rose from over $1.15 bilion in 2017 to over $1.58 billion in 2018, and that its Net Loss declined from $204.28 million in 2017 to $166.17 million in 2018. On March 16, 2020, Exela Technologies, Inc. announced that it will delay its earnings release and investor conference call for the fourth quarter and year ended December 31, 2019, previously scheduled for 5:00 p.m. (ET) today. The next day, the Company announced, it will restate its financial statements for the years ended December 31, 2017 and 2018 and the interim periods through September 30, 2019, to correct certain historical accounting errors. The restatement is made necessary by the material weakness of the Company's internal controls on financial reporting. Shares of Exela Technologies, Inc. (NASDAQ: XELA) declined to as low as $0.11 per share on March 19, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Exela Technologies, Inc. (NASDAQ: XELA) common shares between March 16, 2018 and March 16, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 16, 2018 and March 16, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Exela’s previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.