Press release
Lawsuit filed for Investors who lost money with shares of Ryvyl Inc. (NASDAQ: RVYL)
An investor, who purchased shares of Ryvyl Inc. (NASDAQ: RVYL), filed a lawsuit over alleged violations of Federal Securities Laws by Ryvyl Inc. f.k.a Greenbox POS in connection with certain allegedly false and misleading statements made pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's January 29, 2021 public offering (the "Offering") and/or between January 29, 2021 and January 20, 2023, both dates inclusive.
Investors who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2023. NASDAQ: RVYL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Diego, CA based GreenBox POS, a technology company, engages in the development, marketing, and sale of blockchain-based payment solutions. Ryvyl Inc. reported that its annual Total Revenue rose from $8.52 million in 2020 to $26.3 million in 2021, and that its Net Loss increased from $5 million in 2020 to $26.45 million in 2021.
On January 20, 2023, Ryvyl Inc. announced that its financial statements from December 31, 2021, and on, as well as the related audit report of its previous independent registered public accounting firm, "can no longer be relied upon" and that it would file restatements. RYVYL also announced that it "is expected that the restatement of the financial statements for the annual and interim periods referred to above will result in decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholder's equity." Additionally, RYVYL disclosed that it had reassessed the effectiveness of its internal controls and "has determined that one or more material weaknesses exist in the Company's internal control including a material weakness related to accounting for certain complex business transactions."
Shares of Ryvyl Inc. (NASDAQ: RVYL) declined from over $20 per share in April 2021 to $0.52 per share on January 30, 2023.
The plaintiff alleges on behalf of investors of Ryvyl Inc. (NASDAQ: RVYL) common shares who purchased NASDAQ: RVYL shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's January 29, 2021 public offering and/or between January 29, 2021 and January 20, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Registration Statement was false and/or misleading and/or failed to disclose that the Company would restate certain financials, that the Company's internal controls were inadequate, that the Company downplayed and obfuscated its internal controls issues, and that as a result, the registration statement was materially false and/or misleading at all relevant times.
Those who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Investors who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2023. NASDAQ: RVYL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Diego, CA based GreenBox POS, a technology company, engages in the development, marketing, and sale of blockchain-based payment solutions. Ryvyl Inc. reported that its annual Total Revenue rose from $8.52 million in 2020 to $26.3 million in 2021, and that its Net Loss increased from $5 million in 2020 to $26.45 million in 2021.
On January 20, 2023, Ryvyl Inc. announced that its financial statements from December 31, 2021, and on, as well as the related audit report of its previous independent registered public accounting firm, "can no longer be relied upon" and that it would file restatements. RYVYL also announced that it "is expected that the restatement of the financial statements for the annual and interim periods referred to above will result in decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholder's equity." Additionally, RYVYL disclosed that it had reassessed the effectiveness of its internal controls and "has determined that one or more material weaknesses exist in the Company's internal control including a material weakness related to accounting for certain complex business transactions."
Shares of Ryvyl Inc. (NASDAQ: RVYL) declined from over $20 per share in April 2021 to $0.52 per share on January 30, 2023.
The plaintiff alleges on behalf of investors of Ryvyl Inc. (NASDAQ: RVYL) common shares who purchased NASDAQ: RVYL shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's January 29, 2021 public offering and/or between January 29, 2021 and January 20, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Registration Statement was false and/or misleading and/or failed to disclose that the Company would restate certain financials, that the Company's internal controls were inadequate, that the Company downplayed and obfuscated its internal controls issues, and that as a result, the registration statement was materially false and/or misleading at all relevant times.
Those who purchased shares of Ryvyl Inc. (NASDAQ: RVYL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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