BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Exela Technologies, Inc. ("Exela" or "the Company”) (NASDAQ: XELA) securities between March 16, 2018 and March 16, 2020, inclusive (the “Class Period”). Exela investors have until May 22, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Exela 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 firstname.lastname@example.org.
On March 16, 2020, Exela postponed its earnings release and conference call due to a delayed filing of the Company's fiscal 2019 annual report.
On this news, the Company's share price fell $0.0154 per share, or over 8%, to close at $0.17 per share on March 17, 2020, thereby injuring investors.
Then, on March 17, 2020, Exela disclosed “that it will restate its financial statements for the years ended December 31, 2017 and 2018 and the interim periods through September 30, 2019" to correct certain historical accounting errors.
On this news, the Company's share price fell $0.025 per share, or nearly 15%, to close at $0.145 per share on March 18, 2020, thereby injuring investors further.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that Exela’s previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement; and (2) as a result, Defendants’ statements about Exela’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Exela 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@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.