LOS ANGELES, April 02, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 18, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of PaySign, Inc. ("PaySign" or "the Company") (NASDAQ: PAYS) investors who purchased securities between March 12, 2019 and March 15, 2020, inclusive (the “Class Period”).
If you suffered a loss on your PaySign investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at310-801-2829, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.On March 16, 2020, PaySign delayed the filing of its annual report for the fiscal year ended December 31, 2019 due to an ongoing audit. The Company also disclosed that “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.”
On this news, the Company’s share price fell $0.93, or nearly 17%, to close at $4.59 per share on March 16, 2020, thereby injuring investors. The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that PaySign’s internal control over financial reporting was not effective; (2) that PaySign’s information technology general controls were not effective; and (3) as a result, Defendants’ statements about PaySign’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired PaySign securities during the Class Period, you may move the Court no later than May 18, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-801-2829
shareholders@glancylaw.com
www.glancylaw.com
Data Byte - DataByte-PAYS
| Case Data Byte | |
| Law Firm | Glancy Prongay & Murray LLP |
| Company Name | Paysign, Inc. |
| Stock Symbol | PAYS |
| Class Period | March 12, 2016 and March 15, 2020 |
| Lead Plaintiff Motion Deadline | May 18, 2020 |
| Contact Attorney | Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 |
| Contact Phone | 310-801-2829 |
| Contact Email | shareholders@glancylaw.com |
| Press Release | https://www.glancylaw.com/news-faqs/pays-class-action-lawsuit-investor-deadline-approaches-for-paysign-inc-recovery-investment-losses/ |
| Case Summary | On March 16, 2020, PaySign delayed the filing of its annual report for the fiscal year ended December 31, 2019 due to an ongoing audit. The Company also disclosed that “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.” |
| About the Company | PaySign, Inc. provides prepaid card programs and processing services under the PaySign brand to corporations, government agencies, universities, and other organizations. The company offers various services, including transaction processing, cardholder enrollment, value loading, cardholder account management, reporting, and customer service through PaySign, a proprietary card-processing platform. It also develops prepaid card products for healthcare reimbursement payments, pharmaceutical assistance, donor compensation, corporate and incentive rewards, and expense reimbursement cards; and payroll or general purpose reloadable cards, as well as gift or incentive cards. In addition, the company offers Buy and Bill programs for patients to purchase directly from physician's office or through an infusion center for physician administered therapies; payment solution for source plasma collection centers; and PaySign Premier, a demand deposit account debit card, as well as customer service center and PaySign Communications Suite services. Its principal target markets for processing services comprise prepaid card issuers, retail and private-label issuers, small third-party processors, and small and mid-size financial institutions in the United States and internationally. The company was formerly known as 3PEA International, Inc. and changed its name to PaySign, Inc. in April 2019. PaySign, Inc. was incorporated in 1995 and is based in Henderson, Nevada. |
| Yahoo Finance | https://finance.yahoo.com/quote/PAYS/ |
| Website | https://www.paysign.com/ |
| Wikipedia | none |
| Join Action Link | https://www.glancylaw.com/cases-application/join-case/paysign-inc/ |
