An investigation on behalf of investors in Expensify, Inc. (NASDAQ: EXFY) shares over potential wrongdoing at Expensify, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/11/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at Expensify, Inc.
Investors who purchased shares of Expensify, Inc. (NASDAQ: EXFY) and currently hold any of those NASDAQ: EXFY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Expensify, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Portland, OR based Expensify, Inc. provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally. On or around November 10, 2021, Expensify, Inc. conducted its initial public offering ("IPO"), issuing over 9.7 million shares of its Class A common stock to the public at $27 per share.
Then, on March 30, 2022, Expensify, Inc. announced its fourth quarter and full year fiscal 2021 results, including fourth quarter GAAP earnings per share of -$0.82, missing consensus estimates by $0.74.
The Company also reported that "[a]n IPO-related bonus expense of $14.2 million impacted net (loss) income" for the fourth quarter, leading to a net loss of $21.9 million, compared to a net income of $1.7 million for the same period the prior year, which "was primarily due to the IPO-related bonus"; and that "[a]n IPO-related bonus expense of $48.4 million impacted net (loss) income and Adjusted EBITDA" for the full fiscal year, leading to a net loss of $13.6 million, compared to a net loss of $1.7 million for the same period the prior year, which "was primarily due to the IPO-related bonus."
On June 12, 2023, Expensify, Inc. was downgraded by Morgan Stanley Analysts cited structural headwinds and the Company's risk-reward profile as the factors contributing to the downgrade.
Shares of Expensify, Inc. (NASDAQ: EXFY) declined to $4.06 per share on August 09, 2023.
Those who purchased shares of Expensify, Inc. (NASDAQ: EXFY) have certain options and should contact the Shareholders Foundation.
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