An investigation on behalf of investors in Exela Technologies, Inc. (NASDAQ:XELA) shares over potential wrongdoing at Exela Technologies, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/29/2022 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Exela Technologies, Inc.
Investors who purchased shares of Exela Technologies, Inc. (NASDAQ: XELA) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Exela Technologies directors breached their fiduciary duties and caused damage to the company and its shareholders.
On March 23, 2020, a lawsuit was filed against Exela Technologies, Inc. over alleged violations of Federal Securities Laws. The plaintiff claims that between March 16, 2018 and March 16, 2020, the defendants made false and/or misleading statements and/or 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, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 11, 2020, an amended complaint was filed, and on October 12, 2020, the defendants filed a Motion to Dismiss the amended Complaint.
On June 24, 2021, the Court issued an Order granting Defendants' Motion to Dismiss, but gave leave to amend the Complaint.
On August 5, 2021, a second amended Complaint was filed and the Defendants filed a Motion to Dismiss the second amended Complaint on September 3, 2021.
On January 21, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.
Those who purchased shares of Exela Technologies, Inc. (NASDAQ: XELA) have certain options and should contact the Shareholders Foundation.
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