Are you a former employee of PaySign, Inc. (PAYS) and own stock in the company? Robbins LLP is investigating breaches of fiduciary duty by the officers and board of directors of PAYS.

PaySign, Inc. (PAYS) Accused of Misleading Shareholders

According to the complaint, on March 12, 2019, PaySign, Inc (PAYS) attested to its accuracy over financial reporting in its Form 10-K for fiscal year 2018 and acknowledged the importance of its computer network systems inaccurately and efficiently processing its transactions as well as the risks associated with these systems, but assured investors its internal controls were effective. These same statements were reiterated in its following quarterly reports for 1Q to 3Q 2019, each time affirming that there "were no changes in internal controls over financial reporting that occurred during the quarter…that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting." Contrary to PaySign's assurances, on March 16, 2020, PaySign announced that it would be unable to timely file its annual report for fiscal year 2019, stating "the filing extension will provide the necessary time to complete financial audit" and revealing it had identified "material weaknesses related to its assessment of internal controls over financial reporting and information technology general controls." On this news, shares of PaySign fell almost 17% to close at $4.59.