A lawsuit was filed on behalf of investors in Ryvyl Inc. (NASDAQ:RVYL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/13/2023 -- An investor, who purchased shares of Ryvyl Inc. (NASDAQ: RVYL), filed a lawsuit over alleged violations of Federal Securities Laws by Ryvyl Inc. f.k.a Greenbox POS in connection with certain allegedly false and misleading statements made pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's January 29, 2021 public offering (the "Offering") and/or between January 29, 2021 and January 20, 2023, both dates inclusive.
Investors who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2023. NASDAQ: RVYL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
San Diego, CA based GreenBox POS, a technology company, engages in the development, marketing, and sale of blockchain-based payment solutions. On January 20, 2023, Ryvyl Inc. announced that its financial statements from December 31, 2021, and on, as well as the related audit report of its previous independent registered public accounting firm, "can no longer be relied upon" and that it would file restatements. RYVYL also announced that it "is expected that the restatement of the financial statements for the annual and interim periods referred to above will result in decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholder's equity." Additionally, RYVYL disclosed that it had reassessed the effectiveness of its internal controls and "has determined that one or more material weaknesses exist in the Company's internal control including a material weakness related to accounting for certain complex business transactions." Shares of Ryvyl Inc. (NASDAQ: RVYL) declined from over $20 per share in April 2021 to $0.52 per share on January 30, 2023.
The plaintiff alleges on behalf of investors of Ryvyl Inc. (NASDAQ: RVYL) common shares who purchased NASDAQ: RVYL shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's January 29, 2021 public offering and/or between January 29, 2021 and January 20, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Registration Statement was false and/or misleading and/or failed to disclose that the Company would restate certain financials, that the Company's internal controls were inadequate, that the Company downplayed and obfuscated its internal controls issues, and that as a result, the registration statement was materially false and/or misleading at all relevant times.
Those who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and should contact the Shareholders Foundation.
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