SAN FRANCISCO, April 27, 2021 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP (“Lead Counsel”) announces this update to shareholders who may be members of a class that suffered damages as a result of claims alleged in the litigation, Almendariz v. OneSpan Inc. et al., No. 1:20-cv-04906 (U.S. District Court for the Northern District of Illinois) (Hon. Joan B. Gottschall).
Almendariz v. OneSpan Inc. et al., filed on August 20, 2020, was brought as a potential class action on behalf of purchasers of OneSpan Inc. (“OneSpan”) securities between May 9, 2018 and August 11, 2020, inclusive (the “Class Period”). The complaint alleged that OneSpan and certain of its executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by allegedly disseminating materially false and misleading statements, including financial statements that failed to disclose that: (i) OneSpan had inadequate disclosure controls and procedures over financial reporting; and (ii) as a result, OneSpan overstated its revenue relating to certain contracts with customers involving software licenses in its financial statements spread out over the first quarter of 2018 to the first quarter of 2020.
By Order dated November 16, 2020, Michael Paladino (“Lead Plaintiff”) was appointed lead plaintiff and Hagens Berman was appointed lead counsel, to represent a potential class of investors. The Lead Plaintiff was then granted time to amend the complaint. During this time the Lead Plaintiff, through Lead Counsel, investigated the claims further. Based on this investigation, on March 18, 2021, the Lead Plaintiff filed a notice of voluntary dismissal of the lawsuit, without prejudice.
Accordingly, there is no longer a securities fraud class action pending against OneSpan and certain of its officers and directors. Lead Counsel believe there are no immediate statutes of limitations or repose that apply to the previously alleged claims, but that certain of the previously alleged claims could potentially become time-barred as early as August 20, 2022.