NEW YORK, March 24, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA) in the United States District Court for the Northern District of Texas on behalf of those who purchased or acquired the securities of Exela between March 16, 2018 and March 16, 2020, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for Exela investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’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 (2) 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.

Investors who purchased or otherwise acquired shares of Exela during the Class Period should contact the Firm prior to the May 22, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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