Defendant Name: Cantaloupe, Inc. (Formerly d/b/a USA Technologies, Inc.)

Defendant Type: Public Company
SIC Code: 7389
CUSIP: 13810310

Initial Case Details

Legal Case Name In the Matter of Cantaloupe, Inc. (formerly d/b/a USA Technologies, Inc.)
First Document Date 05-Jun-2023
Initial Filing Format Administrative Action
File Number 3-21483
Allegation Type Issuer Reporting and Disclosure
AAER 4417

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 05-Jun-2023

Related Documents:

33-11202 05-Jun-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On June 5, 2023, the SEC instituted a cease-and-desist proceeding against Cantaloupe, Inc., stating: "This matter concerns improper revenue recognition by USA Technologies, Inc., a Malvern, Pennsylvania-based manufacturer and distributor of cashless payment devices beginning in the fourth quarter of fiscal year (“FY”) 2017 and continuing through the third quarter of FY 2018. As a result, USAT filed with the Commission materially misstated financial statements in its annual, quarterly, and current reports filed with the Commission during the period."
33-11202-s 05-Jun-2023 Administrative Summary
SEC Charges Cantaloupe, Inc. with Accounting Fraud Violations for Fiscal Years 2017 and 2018
On June 5, 2023, the SEC "announced settled charges against a Malvern,PA-based publicly-traded company, Cantaloupe, Inc. (f/k/a USA Technologies, Inc.) ("USAT") arising out of improper revenue recognition practices beginning in the fourth quarter of Fiscal Year 2017 through the third quarter of Fiscal Year 2018. As a result, USAT filed with the Commission materially misstated financial statements in its annual, quarterly, and current reports filed with the Commission during the period."

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