LOS ANGELES–(BUSINESS WIRE)–$OSPN #classaction—The Law Offices of Frank R. Cruz continues its investigation on behalf of OneSpan Inc. (“OneSpan” or the “Company”) (NASDAQ: OSPN) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On August 4, 2020, OneSpan announced that it had identified errors related to certain contracts with customers involving software licenses. As a result, the Company estimated that it had overstated revenue by $2 to $2.5 million between first quarter 2018 and first quarter 2020.
Then, on August 11, 2020, OneSpan disclosed that it could not timely file its quarterly report for the period ended June 30, 2020. According to the Company, revenue had been overstated by $2.2 million from the first quarter in the year ended December 31, 2018 to the quarter ended March 31, 2020. OneSpan also withdrew its fiscal 2020 guidance.
On this news, the Company’s shares fell $12.36, or nearly 40%, to close at $18.84 per share on August 12, 2020.
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If you purchased OneSpan securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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