A securities class action has been filed against RYVYL Inc. f/k/a Greenbox POS (RVYL) n behalf of persons or entities who purchased or otherwise acquired publicly traded Ryvyl securities: (1) 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 (the “Offering”); and/or (2) between January 29, 2021 through January 20, 2023.  This case has been filed in the USDC – S.D.CA.

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% to close at $0.70 per share on January 23, 2023, on unusually heavy trading volume.