LOS ANGELES–(BUSINESS WIRE)–$XELA #XELA—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Exela announced on March 16, 2020, “that it will delay its earnings release and investor conference call for the fourth quarter and year ended December 31, 2019, previously scheduled for 5:00 p.m. (ET) today.” The next day, the Company announced, “it will restate its financial statements for the years ended December 31, 2017 and 2018 and the interim periods through September 30, 2019, to correct certain historical accounting errors.” The restatement is made necessary by the material weakness of the Company’s internal controls on financial reporting. Based on this news, shares of Exela fell by almost 22% on March 18, 2020.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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