NEW YORK, NY / ACCESSWIRE / January 25, 2023 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ryvyl Inc. ('Ryvyl' or the 'Company') (NASDAQ:RVYL).
If you suffered losses exceeding $50,000 investing in Ryvyl stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RVYL.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On January 20, 2023, after trading hours, Ryvyl announced that its previous financial statements as of December 31, 2021 and going forward, as well as the related audit report of the Company's previous independent registered public accounting firm 'can no longer be relied upon' and that it anticipated filing 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.'
Ryvyl also 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's stock fell 14.63% to close at $0.70 per share on January 23, 2023, on unusually heavy trading volume.
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SOURCE: Faruqi & Faruqi, LLP
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