The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of those who acquired Paysign, Inc. (“Paysign” or the “Company”) (NASDAQ: PAYS) securities during the period from March 12, 2019 through March 15, 2020 (the “Class Period”). Investors have until May 18, 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: (i) Paysign’s internal control over financial reporting was not effective; and (ii) Paysign’s information technology general controls were not effective.
On March 16, 2020, Paysign announced that it was unable to timely filed its annual report for the fiscal year ended December 31, 2019 due to the need for additional time to complete the Company’s financial audit. Paysign also announced the identification of a material weakness in its internal controls relating to its internal control over financial reporting and its information technology general controls.
On this news, shares of Paysign fell $0.93, or 16.8%, to close at $4.59 per share on March 16, 2020.
If you acquired Paysign 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 email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.