USAT - Why Shares of USA Technologies Are Down Today
Shares of USA Technologies (NASDAQ: USAT) fell more than 10% in midday trading Monday, after the networking and cashless-transaction company admitted it would miss yet another deadline to file financial statements with the Securities and Exchange Commission. Just weeks ago USA Technologies seemed confident it would be able to meet the Monday deadline, and investors are quickly losing patience with the company.
USA Technologies shares have lost more than 70% of their value since Sept. 1, 2018, pressured by accounting issues. The company's auditor, RSM, resigned in February, and USA Tech's board at that time warned that some financial statements and related press releases were not reliable.
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