SAN FRANCISCO, Oct 18, 2020 (GLOBE NEWSWIRE) – Hagens Berman notifies OneSpan Inc. (N.ASDAQ:: OSPN) Investors today to file a class action lawsuit against the company for securities fraud on behalf of the lead plaintiff, and urge OSPN investors who have suffered losses to contact the company immediately.
great Period: May 9, 2018 – August 11, 2020
Deadline of the main plaintiff: 19th October 2020
Contact an attorney now:: [email protected]
OneSpan Inc. (OSPN) Class action lawsuit against securities::
The complaint alleges that throughout the classroom, Defendants misrepresented and concealed: (i) OneSpan had inadequate disclosure controls and procedures for financial reporting; (ii) As a result, OneSpan has overestimated its revenue from certain contracts with customers that include software licenses in its financial statements for the first quarter of 2018 – first quarter of 2020. and (iii) OneSpan has downplayed the negative impact of errors in its financial statements.
The market reportedly started learning the truth on August 4, 2020 when OneSpan postponed its results and conference call for the second quarter of 2020 by a week, attributing the delay to revenue recognition issues in the previous period related to certain software license agreements .
According to the complaint, OneSpan (1) announced on August 11, 2020 that it would not file its financial statements for Q2 2020 with the SEC on Form 10-Q in a timely manner. (2) revealed the issues with revenue recognition from Q1 2018 – In Q1 2019, (3) reported that same quarter revenue was down year over year, and (4) withdrew its 2020 fiscal year earnings guidance.
In the news, OneSpan's common stock price fell $ 12.36 per share, or nearly 40%.
On August 14, 2020, the company released a quarterly report indicating that it (1) overvalued its current contract assets by approximately 34% for the fiscal year ended December 31, 2019, and (2) undervalued the net losses for the three companies, and six months to June 30, 2019.
Significantly, T. Kendall Hunt, founder, former CEO and former Executive Chairman of OneSpan, sold approximately $ 56 million of his own OneSpan shares at artificially inflated prices prior to the alleged disclosures that led to the decline in OSPN shares. On September 14, 2020, OneSpan announced that (i) Hunt submitted its resignation; and (ii) that the Company has changed its share dealing policy to prohibit directors and immediate family members from selling their shares while serving on the Board of Directors.
"We're focusing on investor losses and proving that OneSpan boiled its books on purpose," said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a OneSpan investor, click here to discuss your statutory rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about OneSpan should review their options to help with the investigation or to use the SEC's whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844– –916– –0895 or send an email to [email protected]
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Reed Kathrein, 844-916-0895