Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investor that purchased or acquired the securities of OneSpan Inc. (“OneSpan” or the “Company”) (NASDAQ: OSPN) between May 9, 2018 and August 11, 2020 (the “Class Period”). The case filed in the United States District Court for the Northern District of Illinois alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) OneSpan had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, OneSpan overstated its revenue relating to certain contracts with customers involving software licenses in its financial statements spread out over the quarters from the first quarter of 2018 to the first quarter of 2020; (iii) as a result, it was foreseeably likely that the Company would eventually have to delay one or more scheduled earnings releases, conference calls, and/or financial filings with the SEC; (iv) OneSpan downplayed the negative impacts of errors in its financial statements; (v) all the foregoing, once revealed was foreseeably likely to have a material negative impact on the Company’s financial results and reputation; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 11, 2020, during after-market hours, OneSpan disclosed to shareholders that it would not timely file its quarterly report for the quarter ended June 30, 2020, with the Securities and Exchange Commission; reported that same quarter year-over-year revenues had declined; and withdrew its full year 2020 earnings guidance, which the Company had affirmed one quarter earlier.
On this news, OneSpan’s share price fell $12.36 per share, or over 39%, to close at $18.84 per share on August 12, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP