Ryvyl’s Accounting Scandal, Execs Shake-Up, and 14% Stock Drop — Can Be Trusted Again?

Court: S.D. California

Case: 23-CV-00185

Back in 2022, Ryvyl positioned itself as a growing leader in the fintech space, boasting strong revenue growth and an expanding asset base.

But soon, the company announced accounting errors and admitted that its prior financial statements were no longer reliable. After that bombshell, RVYL dropped over 14%.

Just a couple of months later, the company’s CFO resigned, raising serious concerns about internal controls and financial transparency. Investigations by the Audit Committee and the SEC revealed that Ryvyl had inflated revenue, understated losses, and failed to disclose critical financial issues.

After this news came out, investors filed a lawsuit.

Now, Ryvyl has agreed to settle the case to resolve the claims. While the final terms are still being worked out, investors who lost money can already submit a claim. You can check the latest details and file yours here.