LOS ANGELES–(BUSINESS WIRE)–$PAYS #classaction—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased PaySign, Inc. (“PaySign” or “the Company”) (NASDAQ: PAYS) securities between March 12, 2019 and March 15, 2020, inclusive (the “Class Period”). PaySign investors have until May 18, 2020 to file a lead plaintiff motion.
If you suffered a loss on your PaySign investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
On March 16, 2020, PaySign delayed the filing of its annual report for the fiscal year ended December 31, 2019 due to an ongoing audit. The Company also disclosed that “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.”
On this news, the Company’s share price fell $0.93, or nearly 17%, to close at $4.59 per share on March 16, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that PaySign’s internal control over financial reporting was not effective; (2) that PaySign’s information technology general controls were not effective; and (3) as a result, Defendants’ statements about PaySign’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
If you purchased PaySign securities during the Class Period, you may move the Court no later than May 18, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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