SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of publicly traded Ryvyl Inc. f/k/a Greenbox POS (NASDAQ: RVYL) securities: (i) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Ryvyl’s January 29, 2021 public offering (the “Offering”); and/or (ii) between January 29, 2021 and January 20, 2023, inclusive (the “Class Period”) have until April 3, 2023 to seek appointment as lead plaintiff in the Ryvyl class action lawsuit. Captioned Cullen v. Ryvyl Inc. f/k/a Greenbox POS, No. 23-cv-00185 (S.D. Cal.), the Ryvyl class action lawsuit charges Ryvyl as well as certain of its top executives, directors, and underwriters with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Ryvyl is a crypto company focused on developing, marketing, and selling blockchain-based payment solutions.
The Ryvyl class action lawsuit alleges that the Offering’s Registration Statement and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Ryvyl’s internal controls were inadequate; (ii) Ryvyl downplayed and obfuscated its internal control issues; (iii) Ryvyl’s financial statements for December 31, 2021 through and including interim periods ended September 30, June 30, and March 31, 2022 contained errors resulting in overstatements of revenue, assets, and stockholders’ equity and understatement of losses; and (iv) as a result, Ryvyl would need to restate its previously issued financial statements for those periods.
On January 20, 2023, Ryvyl announced that its previously issued financial statements as of December 31, 2021, for the year ended December 31, 2021, as of and for the interim periods within the year ended December 31, 2021, and as of and for the interim periods ended September 30, June 30, and March 31, 2022 should no longer be relied upon and had to be restated. On this news, Ryvyl’s stock price dropped more than 14%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Ryvyl publicly traded securities pursuant and/or traceable to the Registration Statement issued in connection with Ryvyl’s Offering and/or during the Class Period to seek appointment as lead plaintiff in the Ryvyl class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Ryvyl class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ryvyl class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Ryvyl class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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