BENSALEM, Pa.–(BUSINESS WIRE)–$PAYS #classaction–Law Offices of Howard G. Smith 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.
Investors suffering losses on their PaySign investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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