Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of investors that purchased PaySign, Inc. (NASDAQ: PAYS) securities between March 12, 2019 and March 15, 2020 (the "Class Period"). Investors have until May 18, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On March 16, 2020, PaySign filed a Form 12b-25, disclosing it was unable to timely file its annual report for the fiscal year ended December 31, 2019 due to the need for additional time to complete the Company’s financial audit. The Company also stated that it had identified material weaknesses in its internal controls relating to its internal control over financial reporting and its information technology general controls.
On this news, shares of PaySign fell $0.93 per share, or nearly 17%, to close at $4.59 per share on March 16, 2020.
The complaint, filed on March 19, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) PaySign’s internal control over financial reporting was not effective; (2) PaySign’s information technology general controls were not effective; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased PaySign securities during the Class Period, are a long-term stockholder, have information, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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