SAN DIEGO & CHICAGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of OneSpan Inc. (NASDAQ: OSPN) has filed a class action complaint against the Company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 9, 2018 and August 11, 2020. OneSpan and its subsidiaries design, develop, and market solutions for identity, security, and business productivity.
If you suffered a loss due to OneSpan Inc.'s misconduct, click here.
OneSpan Inc. (OSPN) Shocks Investors with Reporting Errors
According to the complaint, OneSpan Inc. made false and misleading statements regarding the Company's internal policies and downplayed the likely negative impact on its profits. On August 4, 2020, OneSpan postponed its second quarter 2020 earnings release due to revenue recognition problems spanning from the first quarter of 2018 through the first quarter of 2020, "which caused overstatements of revenue." After market close on August 11, 2020, the Company announced that it would not be able to timely submit its SEC report for the quarter ending on June 30, 2020, that same quarter year-over-year revenues had declined, and withdrew its full year 2020 earnings guidance, which it had just confirmed one quarter earlier. On this news, the Company stock price fell almost 40% to close at $18.84 per share on August 12, 2020.
If you purchased OneSpan Inc. (OSPN) securities between May 9, 2018 and August 11, 2020, you have until October 19, 2020 to ask the court to appoint you lead plaintiff for the class.
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