NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Exela Technologies, Inc. (NasdaqCM: XELA).
On March 16, 2020, the Company disclosed that it was unable to file its Form 10-K for the year-ended December 31, 2019 on time and would need to restate certain of its financial statements. The following day, the Company further disclosed that it would need to restate its financial statements for 2017, 2018, and interim periods through September 30, 2019 “to correct certain historical accounting errors” as a result of a material weakness in its internal control over financial reporting. Then, on May 21, 2020, the Company announced the resignation of its Chief Financial Officer.
KSF’s investigation is focusing on whether Exela’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Exela shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqcm-xela/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
