NEW YORK, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

• Do you, or did you, own shares of Expensify, Inc. (NASDAQ: EXFY)?

• Did you purchase your shares pursuant and/or traceable to the Company’s November 11, 2021 IPO?

• Did you lose money in your investment in Expensify, Inc.?

• Do you want to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Expensify, Inc. (“Expensify” or the “Company”) (NASDAQ: EXFY) pursuant and/or traceable to the offering documents issued in connection with the Company’s initial public offering conducted on or about November 11, 2021 (the “IPO”). The lawsuit was filed in the United States District Court for the District of Oregon and alleges violations of the Securities Act of 1933 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired Expensify common stock, and/or would like to discuss your legal rights and options please visit Expensify, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

According to the Complaint, 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 its touted long-term growth projections; and (iii) accordingly, the Company’s post-IPO financial position and/or business prospects were overstated.

Since the IPO, as a result of the disclosure of material adverse facts omitted from Expensify’s offering documents, Expensify’s share price has fallen substantially below its IPO price. As of November 29, 2023, Expensify’s shares closed at $2.42, an 91% decline from the IPO price.

If you wish to serve as lead plaintiff, you must move the Court no later than January 29, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or acquired Expensify common stock, and/or would like to discuss your legal rights and options please visit Expensify, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com