LOS ANGELES–(BUSINESS WIRE) – Frank R. Cruz law firms are continuing their investigation on behalf of OneSpan Inc. ("OneSpan" or "Company") (NASDAQ: OSPN) investors into the Company and possible breaches of federal securities laws by its officers.
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On August 4, 2020, OneSpan announced that it had discovered errors related to certain contracts with customers with software licenses. As a result, the company estimated that revenue was overvalued by $ 2 million to $ 2.5 million between Q1 2018 and Q1 2020.
On August 11, 2020, OneSpan announced that it was unable to submit its quarterly report for the period ended June 30, 2020 on time. According to the company, revenue was overvalued by $ 2.2 million from the first quarter of the fiscal year ended December 31, 2018 through March 31, 2020. OneSpan has also withdrawn its guidance for fiscal 2020.
In that news, the company's shares fell $ 12.36, or nearly 40%, and traded at $ 18.84 per share on Aug. 12, 2020.
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If you have purchased OneSpan securities, have information or would like to learn more about these claims, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of the Frank R. Law Firms. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at email@example.com or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your postal address, telephone number and number of shares purchased.
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