WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of RYVYL Inc. (NASDAQ: RVYL) resulting from allegations that RYVYL may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased RYVYL securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=11425 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: On January 20, 2023, after trading hours, RYVYL announced that its previous financial statements as of December 31, 2021 and going forward, as well as the related audit report of the Company’s previous independent registered public accounting firm “can no longer be relied upon” and that it anticipated filing 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.”
RYVYL also 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.”
On this news, RYVYL’s stock fell 14.4% to close at 70 cents per share on January 23, 2023, on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230124005795/en/
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827