BOSTON, April 02, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Paysign, Inc. (“Paysign”) (NASDAQ: PAYS) and certain of its officers for securities fraud. The lead plaintiff deadline is May 18, 2020. Investors who purchased Paysign shares between March 12, 2019 and March 31, 2020 should contact Block & Leviton for a free case evaluation.
Paysign provides prepaid card programs and processing services under the Paysign brand to corporations, government agencies, universities, and other organizations. Paysign changed its name from 3PEA International Inc. to Paysign, Inc. on April 23, 2019.
The complaint, filed in the U.S. District Court for the District of Nevada, alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Paysign’s business, operations, and prospects. Specifically, the complaint alleges that Defendants failed to disclose to investors that: (1) Paysign’s internal controls over financial reporting was not effective; (2) Paysign’s information technology general controls were not effective; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 16, 2020, during pre-market hours, Paysign announced that it would be unable to file its annual financial report with the SEC in a timely fashion because of an ongoing audit, advising investors that “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) [IT] general controls.” On this news, Paysign’s stock price fell $0.93 per share, or 16.85%, to close at $4.59 per share on March 16, 2020. Then, after the markets closed on March 31, 2020, Paysign announced that it was again delaying the release of its 2019 financial results. On this news, shares fell another 16%, to close at $4.35 on April 1, 2020.
If you purchased or acquired shares of Paysign common stock and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, or via email at jake@blockesq.com, or at https://shareholder.law/pays. Paysign investors who purchased or otherwise acquired shares of Paysign common stock during the Class Period may, no later than May 18, 2020, seek to be appointed as a lead plaintiff representative of the Class.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: jake@blockesq.com
SOURCE: Block & Leviton LLP
www.blockesq.com