Kaplan Fox Has Filed a Class Action to Recover Losses for Investors Who Purchased USA Technologies, Inc. Common Stock

NEW YORK, Nov. 2, 2018 /PRNewswire/ -- On October 3, 2018, Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) filed a class action suit in the United States District Court for the District of New Jersey against USA Technologies, Inc. ("USA Technologies" or the "Company"), its CEO and Chairman, Stephen P. Herbert, and its CFO, Priyanka Singh. 

A copy of the complaint may be viewed here.  If you are a member of the proposed Class, you may move the court no later than NOVEMBER 13, 2018 to serve as a lead plaintiff for the proposed Class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the SEC, and is brought by plaintiff on behalf of all persons who purchased the publicly traded common stock of USA Technologies between November 9, 2017 and September 10, 2018, inclusive (the "Class Period").

The complaint further alleges that, throughout the Class Period, defendants "represented that the Company maintained adequate controls over financial reporting, and that there were no changes in internal controls over financial reporting that occurred that materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting."

The complaint further alleges that on September 11, 2018, "before the market opened, USA Technologies shocked investors when it disclosed that it would delay the filing of its annual report for the fiscal year 2018 (ended June 30, 2018)" and that the Company's "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. The Audit Committee is working closely with its advisors to complete its investigation in as timely a manner as possible. The Company will not be in a position to file its Form 10-K until the Audit Committee completes its investigation and the Company and its independent auditor assess the results of that investigation."

On September 11, 2018, USA Technologies shares declined from a closing price on September 10, 2018 of $15.30 per share, to close at $9.20 per share, a decline of approximately 40% on heavier than usual volume.  On November 1, 2018, USA Technologies stock closed at $5.97 per share.

Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com).  Our firm, with offices in New York, San Francisco, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail attorneys Jeff Campisi ([email protected]), or Larry King ([email protected]), or contact them by phone, regular mail, or fax:

SOURCE Kaplan Fox & Kilsheimer LLP

Related Links

http://www.kaplanfox.com

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