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id: 566, Created by Stan Vick, Scout
RYVYL Restatement Losses Case
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On 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.
Breach of Fiduciary duty,
Shock Event Date
20 January 2023
01 February 2023
Hon. Gonzalo P. Curiel
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.