NEW YORK, NY / ACCESSWIRE / January 31, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Ryvyl Inc. ('Ryvyl' or the 'Company') (NASDAQ:RVYL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Ryvyl and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 20, 2023, after the market closed, Ryvyl announced that its previous financial statements for the year-end and interim periods for fiscal 2021 and 2022 'can no longer be relied upon.' The Company anticipated filing restatements, which will 'result in decreases to total revenue, increased net losses, decreases to total assets, and [decrease] total stockholder's equity.' The Company also disclosed that it had determined 'one or more material weaknesses' in its internal control over financial reporting, including a 'material weakness related to accounting for certain complex business transactions.'
On this news, Ryvyl's stock price fell $0.12 per share, or 14.6%, to close at $0.70 per share on January 23, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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