The Class: Robbins LLP informs investors that a shareholder filed a class action on behalf of persons or entities who purchased or acquired Rvyl Inc. (NASDAQ: RVYL) f/k/a Greenbox POS: (1) pursuant to the registration statement and prospectus issued in connection with the Company's January 29, 2021 initial public offering ("IPO"); or (ii) between January 29, 2021 and January 20, 2023, for violations of the Securities Act of 1933. Ryvyl is a crypto company focused on developing, marketing and selling blockchain-based payment solutions.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Ryvyl. Shareholders who want to act as lead plaintiff for the class must file their papers by April 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: Ryvyl Inc. (RVYL) Made False and Misleading Statements in Connection with its IPO Regarding its Internal Controls Issues
According to the complaint, the registration statement filed in connection with the IPO was materially false and misleading because it failed to disclose that: (1) the Company would restate certain financials; (2) the Company's internal controls were inadequate; and (3) the Company downplayed and obfuscated its internal control issues.
On January 20, 2023, Ryvyl filed an 8-K with the SEC announcing that its previously issued financial statements as of December 31, 2021, for the year ended December 31, 2021, as of and for the interim periods with the year ended December 31, 2021 and as of and for the interim periods ended September 30, June 30 and March 30, 2021, should no longer be relied upon and had to be restated. The Company further stated that "[i]t 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 stockholders' equity." On this news, Ryvyl's stock price fell 14.63%, to close at $0.77 per share on January 23, 2023.
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