Case Page

 

Case Status:    DISMISSED    
On or around 09/21/2017 (Other)

Filing Date: October 01, 2015

According to the law firm press release, USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services principally to the small ticket unattended retail markets in the United States and internationally. The Company's products include ePort, a device that is used in self-service and/or unattended markets such as vending machines, amusement parks, arcades, car washes, and kiosks to facilitate cashless payments. USA Technologies also manufactures and sells energy management products that reduce the electrical power consumption of equipment such as refrigerated vending machines and glass front coolers.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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.

On December 15, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on January 19, 2016.

On April 13, 2016, the Court issued an Order granting Defendants' Motion to Dismiss, and closed this case. Plaintiffs filed a Notice of Appeal on May 13.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: USAT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 15-CV-05427
JUDGE: Hon. Mark A. Kearney
DATE FILED: 10/01/2015
CLASS PERIOD START: 09/29/2014
CLASS PERIOD END: 09/29/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Schnader Harrison Segal & Lewis LLP
    One Montgomery Street, Suite 2200, Schnader Harrison Segal & Lewis LLP, CA 94104
    415.364.6700 415.364.6785 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 15-CV-05427
JUDGE: Hon. Mark A. Kearney
DATE FILED: 01/19/2016
CLASS PERIOD START: 11/14/2014
CLASS PERIOD END: 09/30/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date