SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of USA Technologies, Inc.
NEW YORK, Sept. 30, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of USA Technology Inc. ("USA Technology" or the "Company") (NasdaqGM: USAT -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation concerns whether USA Technology and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On September 29, 2015, post-market, the company announced that it is unable to file its annual report for the fiscal year ended June 30, 2015 within the prescribed time, having "identified deficiencies in both the design and operating effectiveness of the company's internal control over financial reporting, which when aggregated represent a material weakness in internal control." The company stated that the most significant weaknesses related to "certain customer accounts and receivable balances related to customer processing and service fees. The procedures in place did not identify a large number of small balance accounts that may be uncollectible," and, as a result, the company has "increase[ed] its bad debt reserve by approximately $450,000, resulting in an after-tax charge of approximately $270,000."
Following this news, the company's stock fell $.23 or 8.3%, during intraday trading to trade at $2.54 on September 30, 2015.
If you are aware of any facts relating to this investigation, or purchased shares of USA Technology, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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