Exela Technologies, Inc.
The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of those who acquired Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA) securities during the period from March 16, 2018 through March 16, 2020 (the “Class Period”). Investors have until May 22, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that Exela’s previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement.
On March 16, 2020, the Company announced that it would be postponing its earnings and coference call due to a delayed filing of the Company’s Form 10-K for fiscal year 2019. On this news, Exela shares fell $0.0154 per share, or 8.3%, to close at $0.17 on March 17, 2020.
On March 17, 2020, the Company revealed more information about the need to restate its financial statements for fiscal years 2017 and 2018, and its interim 2019 statements “to correct certain historical accounting errors.” On this news, Exela shares fell $0.025 per share, or 14.7%, to close at $0.145 on March 18, 2020.
If you acquired Exela securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.