Class-Action Suit Targets USA Technologies

PHILADELPHIA -- A class-action lawsuit against USA Technologies Inc. and some of its officers seeks to recover damages for alleged violations of federal securities law. The suit, filed in United States District Court, Eastern District of Pennsylvania, is on behalf of all investors who purchased USAT securities between Sept. 29, 2014 and Sept. 29, 2015.

The complaint asserts that during the class-action period, USAT made misleading statements about its business and compliance policies. USAT's alleged deficiencies in its financial reporting are at the center of the suit.

According to the complaint, on Sept. 29, 2015, post-market, USA Technologies submitted a late filing notice with the SEC in which it announced that it was unable to file its annual report for the fiscal year ended June 30, 2015. As a result of this news, USAT shares fell 28¢, or 10.1%, to $2.49 at the Nasdaq's close on Sept. 30.

Malvern, PA-based USAT provides wireless networking and cashless transactions to the small ticket unattended retail markets. Its ePort device is widely deployed on vending machines.