An investigation on behalf of investors in Expensify, Inc. (NASDAQ:EXFY) shares over potential wrongdoing at Expensify, Inc. was announced.
San Diego, CA — (SBWIRE) — 05/27/2022 — Certain directors of Expensify, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Expensify, Inc. (NASDAQ: EXFY) have certain options and should contact the Shareholders Foundation at email@example.com 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. Expensify, Inc. reported that its annual Total Revenue increased from $88.07 million in 2020 to $142.83 million in 2021, and that its Net Loss rose over those time periods from $1.71 million to $13.55 million.
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.”
Shares of Expensify, Inc. (NASDAQ: EXFY) declined on March 31, 2022, to as low $15.80 per share.
Those who purchased shares of Expensify, Inc. (NASDAQ: EXFY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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