LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming May 18, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired PaySign, Inc. ("PaySign" or "the Company") (NASDAQ: PAYS) securities between March 12, 2019 and March 15, 2020, inclusive (the “Class Period”).
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.
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If you purchased or otherwise acquired PaySign securities during the Class Period, you may move the Court no later than May 18, 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 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 email@example.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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