The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Expensify, Inc. (NASDAQ: EXFY) common stock pursuant and/or traceable to the offering documents issued in connection with Expensify’s initial public offering conducted on or about November 11, 2021 (the “IPO”), have until January 29, 2024 to seek appointment as lead plaintiff of the Expensify class action lawsuit. Captioned Wilhite v. Expensify, Inc., No. 23-cv-01784 (D. Or.), the Expensify class action lawsuit charges Expensify and certain of its top executive officers and directors with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff of the Expensify class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Expensify provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally.
The Expensify class action lawsuit alleges that the IPO’s offering documents made false and/or misleading statements and/or failed to disclose that: (i) Expensify’s revenue growth was highly susceptible to structural and macroeconomic headwinds; (ii) as a result, Expensify overstated the efficacy of its business model and the likelihood it would meet the long-term growth projections touted in the offering documents; and (iii) accordingly, Expensify’s post-IPO financial position and/or business prospects were overstated.
The Expensify class action lawsuit alleges that on June 12, 2023, Morgan Stanley downgraded Expensify to Underweight from Equal-weight, citing structural headwinds and Expensify’s risk-reward profile. On this news, Expensify’s stock price fell more than 6%, the complaint alleges.
The Expensify class action lawsuit further alleges that on August 8, 2023, Expensify issued a press release announcing its second quarter 2023 financial and operating results, reporting earnings per share of -$0.14, missing the consensus estimate of -$0.07, and revenue of $38.9 million, which likewise missed the consensus estimate of $41.5 million. Expensify also withdrew its previously issued revenue growth guidance, according to the complaint. On this news, Expensify’s stock price fell more than 28%, the Expensify class action lawsuit alleges.
Finally, the Expensify class action lawsuit also alleges that on November 7, 2023, Expensify issued a press release announcing third quarter 2023 financial and operating results that once again missed consensus estimates amid macroeconomic headwinds. Among other items, Expensify reported a third quarter loss of $0.21 per share and a 14.1% year-over-year revenue decline, according to the complaint. On this news, Expensify’s stock price fell nearly 37%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Expensify common stock pursuant and/or traceable to the offering documents issued in connection with the IPO to seek appointment as lead plaintiff of the Expensify class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Expensify class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Expensify class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Expensify class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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