USA Technologies recovers a bit from fall

Tom Paine

 Subscribe in a reader
Subscribe to Philadelphia Tech News by Email

Malvern-based USA Technologies had a good bounceback day on Thursday, ending up 7.39% to close at $10.90. This follows a Tuesday announcement by the company that it is conducting an internal investigation into the accounting of certain of its present and past contractual arrangements and financial reporting controls. Post announcement, shares fell by as much as 33%.

So the shares are still off a good bit. But the indication is that some shareholders think that the news wasn't that bad and the selloff was overdone. There has been no public release of information by the company, however, that would ease concerns.

The company has been on a roll, and still has a market cap of $585 million. It provides electronic payment systems for remote devices such as vending machines.

Sometimes recent acquisitions can be the cause of these types of problems. USAT acquired Canteloupe Systems last November for $85 million.

No comments: