The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of PaySign, Inc. Investors (PAYS)

LOS ANGELES--()--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired PaySign, Inc. ("PaySign" or "the Company") (NASDAQ: PAYS) securities between March 12, 2019 and March 31, 2020, inclusive (the “Class Period”). PaySign investors have until May 18, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On March 16, 2020, PaySign delayed the filing of its annual report for the fiscal year ended December 31, 2019 due to an ongoing audit. The Company also disclosed that “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.”

On this news, the Company’s share price fell $0.93, or nearly 17%, to close at $4.59 per share on March 16, 2020, thereby injuring investors.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that PaySign’s internal control over financial reporting was not effective; (2) that PaySign’s information technology general controls were not effective; and (3) as a result, Defendants’ statements about PaySign’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased PaySign securities during the Class Period, you may move the Court no later than May 18, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased PaySign 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

$Cashtags

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com