On or around 06/19/2020 (Settlement preliminarily approval)
Filing Date: September 11, 2018
According to the Complaint, USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally.
The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) USA Technologies’ treatment of contractual arrangements in its financial statements would result in an internal investigation and delay the filing of its annual report for fiscal year 2018; (2) consequently, USA Technologies’ internal controls over financial reporting were weak and deficient; (3) as a result, Defendants’ statements about USA Technologies’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 19, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. On September 30, 2019, the Court issued an Order transferring the case to the Eastern District of Pennsylvania. Lead Plaintiff filed a consolidated amended Complaint on November 20.
The parties entered into a Stipulation and Agreement of Settlement on May 29, 2020. On June 19, the Court granted preliminary approval of the Settlement.
Company & Securities Information
Defendant: USA Technologies, Inc.
Industry: Software & Programming
Headquarters: United States
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.
First Identified Complaint
Stephane Gouet, et al. v. USA Technologies, Inc., et al.
COURT: D. New Jersey
DOCKET #: 18-CV-13759
JUDGE: Hon.Claire C. Cecchi
DATE FILED: 09/11/2018
CLASS PERIOD START: 11/09/2017
CLASS PERIOD END: 09/11/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm (South Orange)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
Order Consolidating Related Actions, Appointing Lead Plaintiff and Lead Counsel
U.S. District Court Civil Docket
Pinkesh Nahar , et al. v. USA Technologies, Inc., et al.