Shareholder Alert: Robbins LLP Announces PaySign, Inc. (PAYS) Sued for Misleading Shareholders
02 April 2020 - 4:01AM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of PaySign, Inc. (NASDAQ: PAYS) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between March 12, 2019 and March
15, 2020. PaySign provides prepaid card programs and processing
services to corporations, government agencies, universities, and
other organizations.
If you suffered a loss as a result of PaySign's misconduct,
click here.
PaySign, Inc. (PAYS) Accused of Misleading
Shareholders
According to the complaint, on March 12, 2019, PaySign attested
to its accuracy over financial reporting in its Form 10-K for
fiscal year 2018 and acknowledged the importance of its computer
network systems in accurately and efficiently processing its
transactions as well as the risks associated with these systems,
but assured investors its internal controls were effective. These
same statements were reiterated in its following quarterly reports
for 1Q to 3Q 2019, each time affirming that there "were no changes
in [its] internal controls over financial reporting that occurred
during the quarter…that have materially affected, or are reasonably
likely to materially affect, [its] internal control over financial
reporting." Contrary to PaySign's assurances, on March 16, 2020,
PaySign announced that it would be unable to timely file its annual
report for fiscal year 2019, stating "the filing extension will
provide the necessary time to complete [PaySign's] financial audit"
and revealing it had identified "material weaknesses related to its
assessment of internal controls over financial reporting and
information technology general controls." On this news, shares of
PaySign fell almost 17% to close at $4.59.
If you purchased PaySign, Inc. (PAYS) securities between
March 12, 2019 and March 15, 2020, you have until May 18, 2020, to
ask the court to be appointed lead plaintiff for the class.
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200401005622/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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