Pomerantz Regulation Agency Reminds Shareholders with Losses on their Funding in OneSpan, Inc. of Class Motion Lawsuit and Upcoming Deadline – OSPN

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    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "NEW YORK / ACCESSWIRE / September 8, 2020 / Pomerantz LLP announces that a class action lawsuit has been filed against OneSpan, Inc. ("OneSpan" or the "Company") (NASDAQ: OSPN) and some of its officers. The class action lawsuit, filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, filed under 20-cv-04906, is directed to a class composed of all persons except defendants who have between-purchased or purchased OneSpan securities otherwise acquired May 9, 2018 and August 11, 2020, both dates inclusive (the "Class Period"), to seek compensation for damages caused by Defendants' violations of the Federal Securities Act and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated therein against the Company and some of its senior officials. "data-reactid =" 12 ">NEW YORK / ACCESSWIRE / September 8, 2020 / Pomerantz LLP announces that a class action lawsuit has been filed against OneSpan, Inc. ("OneSpan" or the "Company") (NASDAQ: OSPN) and some of its officers. The class action lawsuit, filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, filed under 20-cv-04906, is directed to a class composed of all persons except defendants who have between-purchased or purchased OneSpan securities otherwise acquired May 9, 2018 and August 11, 2020, both dates inclusive (the "Class Period"), to seek compensation for damages caused by Defendants' violations of the Federal Securities Act and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated therein against the Company and some of its senior officials.

    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "If you are a shareholder who bought OneSpan securities while During class time, you have until October 19, 2020 to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased. "Data-reactid =" 13 "> If you are a shareholder who purchased OneSpan securities during the class period, you have until October 19, 2020 to ask the court to appoint you as the lead plaintiff for the class A copy of the complaint is available at www.pomerantzlaw.com and to discuss this action, contact Robert S. Willoughby at newaction @ pomlaw.com or 888.476.6529 (or 888.4-POMLAW) toll free ext. 7980. Whoever When inquiring by e-mail, please provide your postal address, telephone number and the number of shares purchased.

    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "(Click here for information on how to participate in the class action.)"data-reactid =" 14 "> (Click here for information on joining the class action.)

    OneSpan was founded in 1991 and is headquartered in Chicago, Illinois. The company was formerly known as VASCO Data Security International, Inc. and was renamed OneSpan Inc. in May 2018. OneSpan, together with its subsidiaries, designs, develops and markets digital solutions for identity, security and corporate productivity worldwide.

    The complaint alleges that throughout the classroom period, the defendants made materially false and misleading statements about the company's business, operational, and compliance policies. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) OneSpan had inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) As a result, OneSpan has overstated its revenue from certain contracts with customers that contain software licenses in its financial statements for the quarters from the first quarter of 2018 through the first quarter of 2020. (iii) As a result, it was foreseeable that the Company would have to delay one or more scheduled earnings releases, conference calls, and / or financial reports with the SEC. (iv) OneSpan has downplayed the negative impact of errors in its financial statements. (v) all of the foregoing, once disclosed, was foreseeable to have a material adverse effect on the company's financial results and reputation; and (vi) as a result, the Company's public statements at all relevant times have been materially false and misleading.

    On August 4, 2020, prior to its launch, OneSpan postponed the results release and conference call for Q2 2020 for one week The Q1 2018 through Q1 2020. OneSpan further stated that "(t) the net contracted assets, that came from some of these contracts in earlier periods was not properly accounted for in subsequent periods, resulting in an overvaluation of revenues. "

    In that news, OneSpan common stock fell $ 0.46 per share, or 1.40%, to close at $ 32.50 per share on August 4, 2020.

    On August 11, 2020, OneSpan announced that it would not file its quarterly report for the quarter ended June 30, 2020 with the SEC in a timely manner. reported that sales for the same quarter were down year over year; and withdrew its full-year 2020 earnings guidance, which the company had confirmed a quarter earlier.

    In the news, OneSpan's common stock price fell $ 12.36 per share, or 39.62%, to close at $ 18.84 per share on August 12, 2020.

    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The company Pomerantz with offices in New York, Chicago, Los Angeles and Paris are recognized as a premier corporate, securities and antitrust litigation firm. Founded by the late Abraham L. Pomerantz, best known as the dean of class action, the Pomerantz Firm Today, more than 80 years later, Pomerantz continues Continuing its tradition of fighting for the rights of victims of securities fraud, fiduciary violations, and corporate misconduct, the company has recovered from numerous millions of dollars in damages paid on behalf of class members www.pomerantzlaw.com. "data-reactid =" 25 "> The Pomerantz company with offices in New York, Chicago, Los Angeles and Paris is one of the leading companies in the fields of corporate, securities and antitrust disputes. Founded by the late Abraham L. Pomerantz, Known as the dean of the class action lawsuit, pioneer of the Pomerantz Company, today, more than 80 years later, the Pomerantz Company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct has filed numerous multi-million dollar claims for damages on behalf of class members, see www.pomerantzlaw.com.

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