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USA Technologies, Inc.

Case Summary

USA Technologies, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 10/01/2015 (Ongoing date of last review)

Filing Date: October 01, 2015

According to the law firm press release, USA Technologies provides wireless networking, cashless transactions, asset monitoring, and other value-added services principally to the small ticket unattended retail markets in the United States and internationally. The Company's products include ePort, a device that is used in self-service and/or unattended markets such as vending machines, amusement parks, arcades, car washes, and kiosks to facilitate cashless payments. USA Technologies also manufactures and sells energy management products that reduce the electrical power consumption of equipment such as refrigerated vending machines and glass front coolers.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) there were significant deficiencies in both the design and operating effectiveness of the company’s internal control over financial reporting; (ii) the deficiencies, when aggregated, represented a material weakness in internal control; (iii) as a result of these deficiencies, the Company’s procedures failed to identify a large number of uncollectible small balance accounts; and (iv) as a result of the foregoing, USA Technologies’ public statements were materially false and misleading at all relevant times.

Company & Securities Information

Defendant: USA Technologies, Inc. website

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: USAT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Steven P. Messner, et al. v. USA Technologies, Inc. , et al.

COURT: E.D. Pennsylvania
DOCKET #: 15-CV-05427
JUDGE: Hon. Mark A. Kearney
DATE FILED: 10/01/2015
CLASS PERIOD START: 09/29/2014
CLASS PERIOD END: 09/29/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz Grossman Hufford Dahlstrom & Gross LLP (New York)
    600 Third Avenue, Pomerantz Grossman Hufford Dahlstrom & Gross LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Schnader Harrison Segal & Lewis LLP
    One Montgomery Street, Suite 2200, Schnader Harrison Segal & Lewis LLP, CA 94104
    415.364.6700 415.364.6785 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint 10/01/2015
2 U.S. District Court Civil Docket 10/01/2015
 
 

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