SAN DIEGO & HENDERSON, Nev.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating PaySign, Inc. (NASDAQ: PAYS) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. PaySign provides prepaid card programs and processing services.
If you suffered a loss as a result of PaySign's misconduct, click here.
PaySign, Inc. (PAYS) Fails to Timely File its 2019 Annual Report
On March 16, 2020, PaySign announced that it would be unable to timely file its annual report for fiscal year 2019, stating "the filing extension will provide the necessary time to complete [PaySign's] financial audit" and revealing it had identified "material weaknesses related to its assessment of internal controls over financial reporting and information technology general controls." Then, on March 31, 2020, PaySign once again announced that it would be delaying the release of its 2019 financial results. On this news, shares of PaySign fell 16% to close at $4.35.
PaySign, Inc. (PAYS) is also the subject of a securities class action for violations of the Securities Exchange Act of 1934. If you purchased PaySign, Inc. (PAYS) securities between March 12, 2019 and March 15, 2020, you have until May 18, 2020 to ask the court to appoint you as lead plaintiff for the class
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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