Law Firm Grabar is investigating claims on behalf of current long-term shareholders of Expensify, Inc. (EXFY) By Investing.com
Philadelphia, Pennsylvania–(Newsfile Corp. – December 29, 2024) – Grabar Law Firm is investigating whether certain officers and directors Make it more expensive Inch. (NASDAQ: NASDAQ: ) breached their fiduciary duties to the company.
Current Expensify shareholders who have held Expensify shares since the IPO on or near November 11, 2021 can seek corporate reforms, return funds back to the company’s coffers and potentially receive a court-approved incentive award. We encourage you to visit https://grabarlaw.com/the-latest/expensify-shareholder-investigation/ , contact Joshua Grabar at jgrabar@grabarlaw.com or call us at 267-507-6085.
Why: On October 15, 2021, Expensify filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on November 9, 2021. On or about November 11, 2021 on that date, according to the Offering Documents, Expensify conducted its IPO, selling 9.73 million shares at a price of $27.00 per share.
The underlying securities fraud class action complaint alleges that the Offering Documents issued in connection with the IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements misconception and that they were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the complaint alleges that the Offering Documents contained false and/or misleading statements and/or failed to disclose the following: (i) Expensify’s revenue growth was highly sensitive to structural and macroeconomic headwinds; (ii) as a result, the Company has overestimated the effectiveness of its business model and the likelihood that it will meet the long-term growth projections set forth in the Offering Documents; (iii) accordingly, the financial position and/or business prospects of the Company after the IPO were overestimated; and (iv) as a result, the defendant’s statements about the business, operations and prospects of the Company were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What now? Current Expensify shareholders who have held Expensify shares since the IPO on or near November 11, 2021 should visit https://grabarlaw.com/the-latest/expensify-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw . com or call us at 267-507-6085. You may be able to seek corporate reforms, a refund of funds back into the company’s coffers, and a court-approved incentive award at no cost to you.
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