Expensify Sued for Securities Law Violations; Investors Should Contact Block & Leviton for More Information

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BOSTON, Jan. 05, 2024 (GLOBE NEWSWIRE) — A class action lawsuit has been filed against Expensify, Inc. (NASDAQ: EXFY) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/exfy.

What is this all about?

On November 11, 2021, Expensify conducted its IPO, selling 9.73 million shares priced at $27.00 per share. On August 8, 2023, Expensify announced Q2 2023 financial results that included both GAAP EPS and revenue that missed consensus estimates, and the Company withdrew it previously issued revenue growth guidance.

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Shares of Expensify, Inc. stock dropped more than 28% on August 9, 2023.

Then on November 7, 2023, Expensify announced Q 2023 financial results, once again missing consensus estimates.

Shares of Expensify, Inc. stock dropped more than 35% on November 8, 2023.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Expensify’s growth was highly susceptible to structural and economic headwinds; (2) 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; (3) accordingly, the Company’s post-IPO financial position and/or business prospects were overstated; and (4) as a result, Defendants statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Who is eligible?

Anyone who purchased or acquired Expensify, Inc. stock pursuant and/or traceable to the Offering Documents issued in connection with the IPO, and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.

What should you do next?

The deadline to seek appointment as lead plaintiff is January 29, 2024. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

If you’ve lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (617) 398-5600.

Why should you contact Block & Leviton?

Block & Leviton is widely regarded as one of the leading securities class action firms in the country. We have obtained, and are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation’s top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected] 

SOURCE: Block & Leviton LLP
www.blockleviton.com

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