MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc., a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, commented today on the purported class action securities lawsuit, Messner v. USA Technologies, Inc., et al., which was filed on October 1, 2015 in the U.S. District Court for the Eastern District of Pennsylvania against USAT and its executive officers. The purported class action was brought on behalf of purchasers of USAT stock between September 29, 2014 and September 29, 2015. The complaint alleges that the defendants made materially false and misleading statements relating to, among other things, the failure to identify a large number of uncollectible small balance accounts. The complaint seeks certification as a class action and unspecified damages, including attorney’s fees and other costs.
Based on its review of the complaint, USAT believes that the claims alleged in the complaint lack merit, and intends to vigorously defend against the claims. USAT does not believe that it made materially false and misleading statements as alleged in the complaint. USAT remains committed to maintaining its leadership position in the small ticket, self-service retailing industries that it serves. USAT recently announced the addition of 31,000 net new connections to its ePort connect service during the fourth quarter of fiscal year 2015, resulting in 333,000 connections to its ePort connect service as of June 30, 2015, an increase of twenty-five percent from June 30, 2014.
