1 January 2025

Philadelphia, Pennsylvania – (Newsfile Corp. – December 29, 2024) – The Grabar law firm is investigating whether certain officers and directors in expense (NASDAQ: NASDAQ:) fulfill their fiduciary duties owed to the company.

Existing Expensify shareholders who have owned Expensify shares since the IPO on or around November 11, 2021, can seek reforms for the company, return funds to corporate 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 Securities and Exchange Commission in connection with its initial public offering, which the SEC declared effective after several amendments on November 9, 2021. On or about November 11, 2021 and in accordance with documentation IPO Expensify conducted its initial public offering, selling 9.73 million shares at $27.00 per share.

A securities fraud class action complaint alleges that the underwriting documents issued in connection with the IPO were negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the Rules. And the controls governing its preparation. Specifically, the complaint alleges that the offering documents made false and/or misleading statements and/or failed to disclose that: (1) Expensify's revenue growth was highly vulnerable to structural and macroeconomic headwinds; (2) as a result, the Company overestimated the effectiveness of its business model and the likelihood of meeting the long-term growth expectations set forth in the offering documents; (3) accordingly, the Company's financial position and/or business prospects following the IPO were overstated; and (4) as a result, Defendants' statements about the Company's business, operations, and future prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

What now? Existing Expensify shareholders who have owned Expensify shares since the IPO date on or around November 11, 2021, should visit https://grabarlaw.com/the-latest/expensify-shareholder-investigation/, and contact Joshua Grabar at @jgrabar grabarlaw. com, or call us at 267-507-6085. You may be able to demand repairs at the company, return the money to the company coffers, and receive a court-approved incentive award at no cost to you at all.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235439

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