NEW YORK, 20th August 2020 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against OneSpan, Inc. ("OneSpan" or the "Company") (NASDAQ: OSPN) and some of its officers. The class action filed in United States District Court for the Northern District of Illinois, Eastern Division, and registered under 20-cv-04906, is on behalf of a class consisting of all persons, other than Defendants, who have intervened or otherwise acquired OneSpan securities May 9, 2018, and August 11, 2020including both dates (the "Class Period") to seek damages caused by Defendants' breaches of the Federal Securities Act and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the " Exchange Act ") and rule 10b-5 proclaims below against the company and some of its top officials.
If you are a shareholder who purchased OneSpan securities during the class period, you will have up to 19th October 2020to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the (Email protected) or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those inquiring by email are asked to provide their postal address, telephone number, and the number of shares purchased.
(Click here for information on how to participate in the class action.)
OneSpan was founded in 1991 and is headquartered in Chicago, Illinois. The company was formerly known as VASCO Data Security International, Inc. and was renamed OneSpan Inc. in May 2018. OneSpan, together with its subsidiaries, designs, develops and markets digital solutions for identity, security and corporate productivity worldwide.
The complaint alleges that the defendants made materially false and misleading statements about the company's business, operational, and compliance policies throughout the classroom. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) OneSpan had inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) As a result, OneSpan has overstated its revenue from certain contracts with customers that contain software licenses in its financial statements for the quarters from the first quarter of 2018 through the first quarter of 2020. (iii) As a result, it was foreseeably likely that the Company would have to delay one or more scheduled earnings releases, conference calls and / or financial reports with the SEC. (iv) OneSpan has downplayed the negative impact of errors in its financial statements. (v) all of the foregoing, once disclosed, was foreseeable to have a material adverse effect on the company's financial results and reputation; and (vi) as a result, the Company's public statements at all relevant times have been materially false and misleading.
On 4th August 2020In the pre-marketing period, OneSpan postponed the release of results and conference call for Q2 2020 by one week The Q1 2020. OneSpan further stated that "(t) is the net contracting assets that arose from a portion of these contracts in previous periods , was not properly accounted for in subsequent periods, resulting in an overvaluation of revenues. "
In the news, OneSpan's common stock price fell $ 0.46 per share or 1.40% to close at $ 32.50 per share on 4th August 2020.
Then further August 11, 2020During the after-market hours, OneSpan announced that the quarterly report for the past quarter would not be submitted on time June 30, 2020with the SEC; reported that sales for the same quarter were down year over year; and withdrew its full-year 2020 earnings guidance, which the company had confirmed a quarter earlier.
In the news, OneSpan's common stock price fell $ 12.36 per share or 39.62% to close at $ 18.84 per share on August 12, 2020.
The Pomerantz company with offices in new York, Chicago, los Angeles, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz Company, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, Pomerantz continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has received numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP