NEW YORK, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Expensify, Inc. (“Expensify” or the “Company”) (NASDAQ: EXFY) for violations of the federal securities laws on behalf of all those who purchased or otherwise acquired Expensify common stock pursuant and/or traceable to the registration statement and related prospectus issued in connection with the Company's initial public offering conducted on or about November 11, 2021 (“IPO” or “Offering”).

On November 29, 2023, a complaint was filed against the Company and certain of its officers and directors alleging that the Offering Documents were negligently prepared and, as a result, Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing their preparation. Specifically, the 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, 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 and/or business prospects were overstated; and (iv) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

When investors learned the truth, Expensify’s common stock declined precipitously, injuring investors.

If you suffered a loss of more than $50,000 in Expensify securities, and wish to participate, or learn more, click here, please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).

Any investor who wishes to serve as Lead Plaintiff must act before January 29, 2024.

About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com

SOURCE: Lowey Dannenberg P.C.