LOS ANGELES–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announced today that it is investigating on behalf of OneSpan Inc. (“OneSpan” or the “Company”) (NASDAQ: OSPN) has) investors regarding possible violations by the company of federal securities laws.
If you have suffered a loss on your OneSpan investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / submit onespan-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at Shareholder@glancylaw.com to learn more about your rights.
On August 4, 2020, OneSpan announced that it had discovered errors in 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 OneSpan has also withdrawn its guidance for fiscal 2020.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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Whistleblower: Individuals with nonpublic information about OneSpan should review their options to assist with the investigation or to use the SEC's whistleblower program. Under the program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, please contact Charles H. Linehan at 310-201-9150 or 888-773-9224, or email Shareholders@glancylaw.com.
Glancy Prongay & Murray LLP is a leading law firm serving investors and consumers in securities disputes and other complex class action lawsuits. ISS Securities Class Action Services consistently rated GPM in its annual SCAS Top 50 report. In 2018, GPM was ranked one of the top five law firms for number of class action settlements for securities and one of the top six law firms for overall size of settlements in US dollars. With four offices across the country, GPM's nearly 40 attorneys have made breakthrough decisions, reclaiming billions of dollars for investors and consumers in securities, antitrust, consumer and employment lawsuits. GPM's attorneys have handled cases covering a wide range of corporate misconduct including cases involving financial adjustments, internal control weaknesses, earnings management, fraudulent profit policies and forward-looking statements, auditor misconduct, insider trading, FDA violations – Regulations and actions that lead to FDA and DOJ, investigations and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases affecting nearly every industry and sector in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, finance, insurance, information technology, healthcare, biotechnology, cryptocurrency and medical devices, and many more . GPM's past successes have been extensively covered by leading news and industry publications such as the Wall Street Journal, Financial Times, Bloomberg Businessweek, Reuters, Associated Press, Barrons, Investors Business Daily, Forbes and Money.
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