LOS ANGELES--(BUSINESS WIRE)--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 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.
If you are a shareholder who suffered a loss, click here to participate.
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 Exela securities during the Class Period, you may move the Court no later than May 22, 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 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 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.
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