NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, PC, a nationally recognized stockholder rights law firm, is investigating potential claims against RYVYL Inc. (“RYVYL” or the “Company”) (NASDAQ: RVYL) on behalf of RYVYL stockholders. Our investigation concerns whether RYVYL has violated the federal securities laws and/or engaged in other unlawful business practices.
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On January 20, 2023, RYVYL announced that its financial statements from December 31, 2021, and on, as well as the related audit report of its previous independent registered public accounting firm, “can no longer be relied upon” and that it would file restatements RYVYL also announced that it “is expected that the restatement of the financial statements for the annual and interim periods referred to above will result in decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholder’s equity.” Additionally, RYVYL disclosed that it had reassessed the effectiveness of its internal controls and “has determined that one or more material weaknesses exist in the Company’s internal control including a material weakness related to accounting for certain complex business transactions.”
On this news, RYVYL stock dropped 14.4% to close at 70 cents per share on January 23, 2022, on unusually heavy trading volume.
If you purchased or otherwise acquired RYVYL shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Previous results do not guarantee similar outcomes.