EXFY - EXFY SHAREHOLDERS: Robbins LLP Reminds Investors of Pending Lead Plaintiff Deadline in Expensify Inc. Securities Class Action Lawsuit | Benzinga
SAN DIEGO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Expensify, Inc. (NASDAQ:EXFY) common stock pursuant to the Company's initial public offering ("IPO") conducted on November 11, 2021. The complaint alleges violations under the Securities Act of 1933. Expensify provides a cloud-based expense management software platform to individuals, small business, and corporations in the U.S. and internationally.
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What is this Case About: Expensify, Inc. (EXFY) Failed to Disclose Material Relevant Information in Connection with its Registration Statement in Support of its IPO
According to the complaint, Expensify conducted its IPO on November 11, 2021, selling 9.73 million shares priced at $27 per share. However, the Offering Documents in support of the IPO failed to disclose that: (i) Expensify's revenue growth was highly susceptible to structural and macroeconomic headwinds; (ii) as a result, the Company overstated the efficacy of its business model and the likelihood it would meet the long-term growth projections touted in the Offering Documents; (iii) accordingly, the Company's post-IPO financial position ...