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The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of USA Technologies, Inc. -- USAT

July 13, 2020

The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of USA Technologies, Inc. -- USAT



PHILADELPHIA, July 13, 2020 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Eastern District of Pennsylvania has approved the following announcement of a proposed class action settlement that would benefit purchasers of USA Technologies, Inc. Common Stock (OTCMKTS:USAT):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:    ALL PERSONS WHO PURCHASED OR ACQUIRED USA TECHNOLOGIES, INC. (“USAT”) COMMON STOCK FROM AUGUST 22, 2017 THROUGH FEBRUARY 6, 2019, BOTH DATES INCLUSIVE, AND/OR PURCHASED USAT COMMON STOCK IN OR TRACEABLE TO USAT’S MAY 23, 2018 FOLLOW-ON PUBLIC OFFERING.1

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Pennsylvania, that a hearing will be held on October 30, 2020, at 10:30 a.m. before the Honorable Joel H. Slomsky, United States District Judge of the Eastern District of Pennsylvania, James A. Byrne U.S. Courthouse, 601 Market Street, Philadelphia, PA 19106 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $15,300,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs’ Counsel for an award of attorneys’ fees of up to 20% plus interest of the Settlement Amount, reimbursement of expenses of not more than $125,000, and an Award to Plaintiffs of no more than $20,000 in total, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated May 29, 2020 (the “Settlement Stipulation”). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you purchased or otherwise acquired USAT common stock during the period from August 22, 2017 through February 6, 2019, both dates inclusive, and/or in or traceable to USAT’s May 23, 2018 follow-on public offering pursuant to USAT’s Registration Statement and Prospectus issued in connection therewith, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in USAT common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, by First Class mail or this Summary Notice by email, you may obtain copies by writing to or calling the Claims Administrator: USA Technologies, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than September 10, 2020 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim. 

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than October 9, 2020, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than October 9, 2020, and must be mailed to each of the following:

Clerk of the Court
United States District Court
Eastern District of Pennsylvania
James A. Byrne U.S. Courthouse
601 Market Street
Philadelphia, PA 19106

LEAD COUNSEL:

THE ROSEN LAW FIRM, P.A.
Phillip Kim
101 Greenwood Avenue
Suite 440
Jenkintown, PA 19046

COUNSEL FOR DEFENDANTS USAT AND HERBERT:

BALLARD SPAHR LLP
M. Norman Goldberger
1735 Market Street, 51st Floor
Philadelphia, PA 19103

COUNSEL FOR DEFENDANTS BARNHART, BROOKS, METZGER, MOSCHNER, REILLY, AND SCHOCH:

FOX ROTHSCHILD LLP
Abraham C. Reich
Gerald E. Arth
2000 Market Street, 20th Floor
Philadelphia PA 19103

COUNSEL FOR DEFENDANT SINGH:

BAKER & HOSTETLER LLP
Douglas W. Greene
45 Rockefeller Plaza
New York, NY 10111

COUNSEL FOR DEFENDANTS WILLIAM BLAIR & COMPANY, L.L.C., CRAIG-HALLUM CAPITAL GROUP LLC, NORTHLAND SECURITIES, INC., AND BARRINGTON RESEARCH ASSOCIATES, INC.:

MORGAN, LEWIS & BOCKIUS LLP
Marc J. Sonnenfeld
1701 Market Street
Philadelphia, PA 19103

If you have any questions about the Settlement, you may call or write to Lead Counsel:

THE ROSEN LAW FIRM, P.A.
Phillip Kim
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
Tel: (215) 600-2817
pkim@rosenlegal.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: June 19, 2020

_____________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE EASTERN
DISTRICT OF PENNSYLVANIA

___________________________
1 All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Stipulation and Agreement of Settlement, dated May 29, 2020 (the “Settlement Stipulation”).