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Investigation for Investors of USA Technologies, Inc. (OTC: USAT) over potential Wrongdoing

05-09-2020 03:31 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in USA Technologies, Inc. (OTC: USAT) shares over potential wrongdoing at USA Technologies

An investigation on behalf of investors in USA Technologies, Inc. (OTC: USAT) shares over potential wrongdoing at USA Technologies

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at USA Technologies, Inc.

Investors who purchased shares of USA Technologies, Inc. (OTC: USAT) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain USA Technologies, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Malvern, PA based USA Technologies, Inc. provides wireless networking, cashless transactions, asset monitoring, and other value-added services in the United States and internationally. On October 9, 2019, post-market, USA Technologies filed a Form with the U.S. Securities and Exchange Commission advising investors that the Company's financial statements for the fiscal years ended June 30, 2015 and June 30, 2016, and for the fiscal quarters and year-to-date ended September 30, 2016, December 31, 2016, and March 31, 2017, should no longer be relied upon.
USA Technologies, Inc. further advised investors that the Company's annual report for fiscal year 2019 contained restated financial data for the foregoing periods. The Company cited "significant financial reporting issues" that "resulted in further adjustments to the Company's previously issued or prior years' unissued financial statements, and related to revenue recognition, deferred income tax accounting, sales tax reserves, reserves for bad debts, inventory reserves, sale-leaseback accounting, balance sheet classification of preferred stock, and other matters."

Shares of USA Technologies, Inc. (OTC: USAT) closed on November 1, 2019, at $6.41 per share.

Those who purchased shares of USA Technologies, Inc. (OTC: USAT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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