Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Ryvyl Inc. (f/k/a Greenbox POS) (RVYL)

NEW YORK, Feb. 03, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased the securities of Ryvyl Inc. (f/k/a Greenbox POS) (“Ryvyl” or the “Company”) (NASDAQ: RVYL): (i) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Ryvyl’s January 29, 2021 public offering (the “Offering”); and/or (ii) between January 29, 2021 and January 20, 2023, inclusive (the “Class Period”).

 The Complaint alleges the Offering’s Registration Statement and Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Ryvyl’s internal controls were inadequate; (2) Ryvyl downplayed and obfuscated its internal control issues; (3) Ryvyl’s financial statements for December 31, 2021 through and including interim periods ended September 30, June 30, and March 31, 2022 contained errors resulting in overstatements of revenue, assets, and stockholders’ equity and understatement of losses; and (4) as a result, Ryvyl would need to restate its previously issued financial statements for those periods.

On January 20, 2023, Ryvyl announced that its previously issued financial statements as of December 31, 2021, for the year ended December 31, 2021, as of and for the interim periods within the year ended December 31, 2021, and as of and for the interim periods ended September 30, June 30, and March 31, 2022 should no longer be relied upon and had to be restated. On this news, Ryvyl’s stock price dropped more than 14%, damaging investors.

Investors who purchased or otherwise acquired shares of Ryvy should contact the Firm prior to the April 3, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.

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