SAN FRANCISCO, CA / ACCESSWIRE / May 6, 2020 / Hagens Berman urges investors in Paysign, Inc. (PAYS) who have suffered significant losses to submit their losses now. A securities class action is pending and certain investors may have valuable claims.
Paysign, Inc. (PAYS) Securities Class Action:
The complaint alleges that Defendants made materially false and misleading statements concerning Paysign's operations, financial performance and business prospects. According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that: (1) Paysign's internal control over financial reporting was not effective; and (2) Paysign's information technology general controls were not effective.
The truth emerged on Mar. 16, 2020, when Paysign announced it would not timely file its 2019 annual report with the SEC. Paysign explained that its "management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) [IT] general controls." This news drove the price of Paysign shares sharply lower.
Recently, on Mar. 31, 2020, Paysign announced a second delay in the release of its 2019 annual financial results, again due to material weaknesses in its controls. This additional delay caused the price of Paysign shares to decline again.
"We're focused on investors' losses and proving Paysign falsely affirmed the effectiveness of its internal controls," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Paysign and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Paysign should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PAYS@hbsslaw.com.
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Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman
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