Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behal

LOS ANGELES , February 02 /Businesswire/ - Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Ryvyl Inc. f/k/a/ Greenbox POS (“Ryvyl” or the “Company”) (NASDAQ: RVYL) securities: (a) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s January 29, 2021 public offering; and/or (b) between January 29, 2021 and January 20, 2023, inclusive (the “Class Period”). Ryvyl investors have until April 3, 2023 to file a lead plaintiff motion.

If you suffered a loss on your Ryvyl investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Ryvyl-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On January 20, 2023, after the market closed, Ryvyl announced that its previous financial statements for the year-end and interim periods for fiscal 2021 and 2022 “can no longer be relied upon.” The Company anticipated filing restatements, which will “result in decreases to total revenue, increased net losses, decreases to total assets, and [decrease] total stockholder’s equity.” The Company also disclosed that it had determined “one or more material weaknesses” in its internal control over financial reporting, including a “material weakness related to accounting for certain complex business transactions.”

On this news, Ryvyl’s stock price fell $0.12, or 14.6%, to close at $0.70 per share on January 23, 2023, thereby injuring investors.

The complaint filed in this class action alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s financial statements in 2021 and 2022 contained errors resulting in overstatements of revenue, assets, and stockholders’ equity and understatements of losses; (2) as a result, Ryvyl would restate certain financials; (3) the Company’s internal controls were inadequate; (4) the Company downplayed and obfuscated its internal controls issues; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Ryvyl securities during the Class Period, you may move the Court no later than April 3, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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