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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 10, 2020 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
June 19, 2020 - The court preliminarily approved the settlement.
May 29, 2020 - A stipulation and agreement of settlement was entered by the parties.
November 20, 2019 - A consolidated amended complaint was filed.
September 30, 2019 - This case was transferred to the Eastern District of Pennsylvania by court order.
September 11, 2018 - An investor in shares of USA Technologies, Inc. (NASDAQ: USAT) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by USA Technologies, Inc. in connection with certain allegedly false and misleading statements made between November 9, 2017 and September 11, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of USA Technologies, Inc. (NASDAQ: USAT) common shares between November 9, 2017 and September 11, 2018, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between November 9, 2017 and September 11, 2018, the defendants made false and/or misleading statements and/or failed to disclose that USA Technologies’ treatment of contractual arrangements in its financial statements would result in an internal investigation and delay the filing of its annual report for fiscal year 2018, that consequently, USA Technologies’ internal controls over financial reporting were weak and deficient, and that as a result, defendants’ statements about USA Technologies’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Malvern, PA based USA Technologies, Inc. provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally. USA Technologies, Inc. reported that its Total Revenue rose from $77.40 million for the 12 months period that ended on June 30, 2016 to $104.09 million for the 12 months period that ended on June 30, 2017 and that its Net Loss for those respective time periods declined from $6.8 million to $1.85 million. Shares of USA Technologies, Inc. (NASDAQ: USAT) grew from $3.80 per share in March 2017 to as high as $16.45 per share in August 2018. On September 11, 2018, USA Technologies, Inc. and management announced they would not timely file the Company's annual report on Form 10-K for the fiscal year ended June 30, 2018.
More specifically, 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.
Shares of USA Technologies, Inc. (NASDAQ: USAT) declined to as low as $9.15 per share on September 11, 2018.