NEW YORK, NY / ACCESSWIRE / September 30, 2015 / Pomerantz LLP is investigating claims on behalf of investors of USA Technologies, Inc. ("USA Technologies" or the "Company") (NASDAQ: USAT). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether USA Technologies and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On September 29, 2015, post-market, the company announced that it is unable to file its annual report for the fiscal year ended June 30, 2015 within the prescribed time, having "identified deficiencies in both the design and operating effectiveness of the company's internal control over financial reporting, which when aggregated represent a material weakness in internal control." The company stated that the most significant weaknesses related to "certain customer accounts and receivable balances related to customer processing and service fees. The procedures in place did not identify a large number of small balance accounts that may be uncollectible," and, as a result, the company has "increase[ed] its bad debt reserve by approximately $450,000, resulting in an after-tax charge of approximately $270,000."
On this news, the company's stock has fallen by $0.11, or 3.97%, in after-hours trading on September 29, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
