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GBOX.US
id: 566, Created by Stan Vick, Scout
RYVYL Restatement Losses Case
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S.D. California
Court23-CV-00185
Case numberOn January 20, 2023, RYVYL Inc., formerly known as Greenbox POS, announced that its previous financial statements and related audit reports are not reliable and that it plans to file restatements.
The Company stated that the restatement of its financial statements will likely result in lower total revenue, higher net losses, lower total assets, and lower total stockholder equity. The company also disclosed that it has identified one or more material weaknesses in its internal control systems, specifically regarding accounting for complex business transactions.
On this news, RYVYL’s stock fell 14%, seriously damaging investors.
Taking all appeared facts into account, Investors have reasons to suspect that because of RYVYL and its Leaders' actions and omissions, shareholders could suffer damages when the true details entered the market.
Alleged Offence
Mismanagement,
Financial Misrepresentation,
Fraud,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 January 2023
Filing date
01 February 2023
Judge
Hon. Gonzalo P. Curiel
Collecting participants…
Case history
Stan Vick
17 August 2023
Case Update on $RVYL Case:
Ryvyl Inc. & its executives seek dismissal of investor class action in California court. They argue the revised complaint lacks evidence for allegations of concealing accounting problems, asserting that company filings were accurate & not misleading.