San Diego, CA -- (SBWIRE) -- 04/09/2020 -- An investor, who purchased NASDAQ: XELA shares, filed a lawsuit against Exela Technologies, Inc over alleged violations.

Investors who purchased shares of Exela Technologies, Inc. (NASDAQ: XELA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 22, 2020. NASDAQ: XELA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 16, 2020, Exela Technologies, Inc. announced "that it will delay its earnings release and investor conference call for the fourth quarter and year ended December 31, 2019, previously scheduled for 5:00 p.m. (ET) today." The next day, the Company announced, "it will restate its financial statements for the years ended December 31, 2017 and 2018 and the interim periods through September 30, 2019, to correct certain historical accounting errors." The restatement is made necessary by the material weakness of the Company's internal controls on financial reporting.

The plaintiff claims that between March 16, 2018 and March 16, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Exela's previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Exela Technologies, Inc. (NASDAQ: XELA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.