According to the Complaint, USA Technologies, Inc. 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. On October 30, the Court granted final approval of the Settlement and entered Final Judgment.

On December 8, 2022, the Court issued an Order approving disbursement of class Settlement funds.