BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased USA Technologies Inc. ("USA Technologies" or the "Company") (Nasdaq: USAT) between September 29, 2014 to September 29, 2015, both dates inclusive, concerning the Company’s and its officers’ possible violations of federal securities laws in connection with the Company’s recent disclosure that it lacked adequate controls over financial reporting. USA Technologies investors are encouraged to contact Howard G. Smith, Esq. to discuss their legal claims for losses incurred as a result of USA Technologies’ alleged wrongdoing.
On September 29, 2015, after the market closed, the Company disclosed that it was delaying its annual 10-K financial filing because “management 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.”
On this news, the Company’s stock fell $0.23, or over 8%, to close at $2.49 on September 30, 2015, thereby damaging investors.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that : (i) there were significant deficiencies in both the design and operating effectiveness of the company’s internal control over financial reporting; (ii) the deficiencies, when aggregated, represented a material weakness in internal control; (iii) as a result of these deficiencies, the Company’s procedures failed to identify a large number of uncollectible small balance accounts; and (iv) as a result of the foregoing, USA Technologies’ public statements were materially false and misleading at all relevant times.
If you purchased shares of USA Technologies during the Class Period you may move the Court no later than November 30, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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