NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Exela Technologies, Inc. (NASDAQ: XELA), resulting from allegations that Exela may have issued materially misleading business information to the investing public.
On March 16, 2020, Exela issued a press release announcing “that it will delay its earnings release and investor conference call for the fourth quarter and year ended December 31, 2019, previously scheduled for 5:00 p.m. (ET) today.”
Then on March 17, 2020, Exela issued a press release announcing “that it will restate its financial statements for the years ended December 31, 2017 and 2018 and the interim periods through September 30, 2019 to correct certain historical accounting errors,” due to a material weakness in its internal control over financial reporting.
On this news, Exela’s stock price fell almost 22%, over the next two trading days from March 16 to close at $0.145 per share on March 18, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Exela investors. If you purchased shares of Exela please visit the firm’s website at http://www.rosenlegal.com/cases-register-1820.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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