Why Shares of USA Technologies Are Crashing Today
Shares of USA Technologies (NASDAQ: USAT) fell more than 17% on Wednesday morning after the networking and cashless transaction company admitted it is unlikely to meet a Sept. 9 deadline to file its financial statements with the Securities and Exchange Commission. The company is seeking additional time, but if it fails to get it, USA Technologies could face a delisting due to its issues.
USA Technologies has had a tough run in 2019, with its shares losing more than half of their value on one February day after the company revealed its auditor, RSM, was resigning. In conjunction with the resignation, USA Technologies' board said that some financial statements and related press releases are not reliable.
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Source Fool.com
