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Press Release: Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against PaySign, XP, Exela Technologies, and RTI Surgical and Encourages Investors to Contact the Firm


NEW YORK, March 25, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of PaySign, Inc. (NASDAQ: PAYS), XP, Inc. (NASDAQ: XP), Exela Technologies, Inc. (NASDAQ: XELA), and RTI Surgical Holdings, Inc. (NASDAQ: RTIX). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

PaySign, Inc. (NASDAQ: PAYS)

Class Period: March 12, 2019 to March 15, 2020

Lead Plaintiff Deadline: May 18, 2020

On March 16, 2020, PaySign filed a Form 12b-25, disclosing it was unable to timely file 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. The Company also stated that it had identified material weaknesses 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 per share, or nearly 17%, to close at $4.59 per share on March 16, 2020.

The complaint, filed on March 19, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) PaySign’s internal control over financial reporting was not effective; (2) PaySign’s information technology general controls were not effective; and (3) 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.

For more information on the PaySign class action go to: https://bespc.com/PAYS-2

XP, Inc. (NASDAQ: XP)

Class Period: Securities purchased pursuant and/or traceable to the Company’s December 2019 initial public offering (the “IPO” or “Offering”).

Lead Plaintiff Deadline: May 20, 2020

In December 2019, XP held the IPO, offering approximately 83 million Class A common shares to the investing public at $27.00 per share.By the commencement of this action, XP’s shares trade significantly below its IPO price.

The complaint, filed on March 21, 2020, alleges that the Registration Statement for the IPO contained false and/or misleading statements and/or failed to disclose that: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failures and connected losses; (3) XP’s aggressive Independent Financial Agent strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, defendants’ statements about XP’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on the XP class action go to: https://bespc.com/XP

Exela Technologies, Inc. (NASDAQ: XELA)

Class Period: March 16, 2018 to March 16, 2020

Lead Plaintiff Deadline: May 22, 2020

On March 16, 2020, the Company issued a press release announcing that it would be postponing its earnings and conference call due to a delayed filing of the Company’s Form 10-K for fiscal year 2019.

On this news, the Company’s shares fell $0.0154 per share, or over 8.3%, to close at $0.17 per share on March 17, 2020.

The next day, Exela issued another press release containing an update regarding their delayed filing. The Company disclosed that, in addition to not being able to timely file their Form 10-K, there was a need to restate its financial statements for fiscal years 2017 and 2018, and its interim 2019 statements.

On this news, the Company’s shares fell an additional $0.025 per share or over 14.7% to close at $0.145 per share on March 18, 2020.

The complaint, filed on March 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 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 (2) as a result, Defendants’ statements about Exela’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on the Exela class action go to: https://bespc.com/XELA

RTI Surgical Holdings, Inc. (NASDAQ: RTIX)

Class Period: March 7, 2016 to March 16, 2020

Lead Plaintiff Deadline: May 22, 2020

On March 16, 2020, RTI announced in a press release that it would file a Form 12b-25 with SEC due to its inability to timely file its Form 10-K for the fiscal year ended December 31, 2019. The Company disclosed that the cause of the delay was that its Audit Committee was investigating the Company’s revenue recognition practices.

On this news, RTI’s shares fell $0.40 per share or over 14.55% to close at $2.35 per share on March 17, 2020.

The complaint, filed on March 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (2) the Company’s internal controls over financial reporting were not effective; (3) as a result, the Company would be forced to delay the filing of its Form 10-K for fiscal year ended December 31, 2019; and (4) 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.

For more information on the RTI class action go to: https://bespc.com/RTIX

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contact Information:
Bragar Eagel & Squire, P.C.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
@bespc.com">This email address is being protected from spambots. You need JavaScript enabled to view it.
www.bespc.com



Posted: 2020-03-25 23:00:00

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