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PaySign, Inc. (NASDAQ: PAYS) Investor Securities Class Action Lawsuit 03/20/2020

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

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
PaySign, Inc.
Security
NASDAQ: PAYS

Case Name
PaySign Shareholder Class Action Lawsuit 03/20/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Nevada

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Summary

January 12, 2021 - A consolidated amended complaint was filed.

March 20, 2020 - An investor in shares of PaySign, Inc. (NASDAQ: PAYS) filed a lawsuit in the U.S. District Court for the District of Nevada over alleged violations of Federal Securities Laws by PaySign, Inc. in connection with certain allegedly false and misleading statements made between March 12, 2019 and March 15, 2020.

PaySign, Inc. provides prepaid card programs and processing services under the PaySign brand to corporations, government agencies, universities, and other organizations. PaySign, Inc. reported that its annual Total Revenue rose from over $15.23 billion in 2017 to over $23.42 billion in 2018 and that its Net Income increased from over $1.79 billion in 2017 to over $2.58 billion in 2018. Shares of PaySign, Inc. (NASDAQ: PAYS) grew from $0.75 per share in early 2018 to as high as $18.67 per share in July 2019.

On September 9, 2019, PaySign, Inc lowered its fiscal 2019 revenue guidance to a range of $35 million to $37 million, from prior guidance range of $38 million to $40 million, citing delays in onboarding of new plasma industry programs. On March 16, 2020, PaySign, Inc announced that would be unable to file its annual financial report with the U.S. Securities and Exchange Commission in a timely fashion due to an ongoing audit. According to PaySign, it has identified material weaknesses tied to its assessment of internal controls over financial reporting and information technology. Shares of PaySign, Inc (NASDAQ: PAYS) declined to as low as $3.63 per share on March 23, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of PaySign, Inc. (NASDAQ: PAYS) common shares between March 12, 2019 and March 15, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 12, 2019 and March 15, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Paysign's internal control over financial reporting was not effective, that Paysign's information technology general controls were not effective, 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.