Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against of Exela Technologies, Inc. (XELA)

LOS ANGELES--()--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 22, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Exela Technologies, Inc. ("Exela" or "the Company”) (NASDAQ: XELA) securities between March 16, 2018 and March 16, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Exela 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 shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

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.

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If you purchased or otherwise acquired Exela securities during the class period, you may move the Court no later than May 22, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.com, 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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Release Summary

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against of Exela Technologies, Inc. (XELA)

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Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com