October 02, 2018

WASHINGTON, D.C. October 2, 2018 – Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether USA Technologies, Inc. (“USA Technologies” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 

A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of USA Technologies, Inc. (NASDAQ: USAT) between November 9, 2017 and September 11, 2018, inclusive (the “Class Period”). 

The complaint alleges that USA Technologies and certain of its officers and directors (“Defendants”) misrepresented 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, the Company’s internal controls over financial reporting were weak and deficient; (3) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.

The claims in this case are based on the Company’s announcement that it would not be able to file its fiscal year 2018 Form 10-K by the September 13, 2018 due date because of an ongoing Audit Committee investigation into “current and prior period matters relating to certain of the Company’s contractual arrangements, including the accounting treatment, financial reporting and internal controls related to such arrangements.”  The price of USA Technologies shares fell from $15.30 to $9.20 on September 11, 2018.

Cohen Milstein encourages all investors who purchased USA Technologies common stock between November 9, 2017 and September 11, 2018, inclusive, or former employees with information concerning this matter to contact the firm.

If you are a USA Technologies shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com.  If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2018 to request appointment.  Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.

Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation.  Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for many outstanding recoveries which, in the aggregate, total billions of dollars.  Prior results do not guarantee a similar outcome. 

For more information visit www.cohenmilstein.com.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq. or Marie Mullins

Cohen Milstein Sellers & Toll PLLC

1100 New York Avenue, N.W., Fifth Floor

Washington, D.C. 20005

Telephone: (888) 240-0775 or (202) 408-4600

Email:  stoll@cohenmilstein.com; mmullins@cohenmilstein.com

 

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