Shareholder Alert: Robbins LLP Reminds Investors PaySign, Inc. (PAYS) Sued for Misleading Shareholders
April 08 2020 - 2:08PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors 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.
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 and acknowledged the
importance of its computer network systems in accurately processing
its transactions and assured 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…[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." Then, on March 31, 2020, PaySign once
again announced that it would be delaying the release of its 2019
financial results. On this news, shares of PaySign fell 16% to
close at $4.35.
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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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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