The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Expensify, Inc. ("Expensify" or the "Company") (NASDAQ: EXFY) investors concerning the Company's possible violations of federal securities laws.

On or around November 11, 2021, Expensify conducted its initial public offering ("IPO"), selling 9.73 million shares at $27 per share.

On June 12, 2023, Morgan Stanley downgraded Expensify from Equal-weight to Underweight, citing structural headwinds and the Company's risk-reward profile. On this news, Expensify's stock price fell $0.45, or 6.3%, to close at $6.72 per share on June 12, 2023, thereby injuring investors.

More on The PennZone

• Dr. Roxanne Contee Continues to Shine as a Powerhouse in Philadelphia Fashion, Media, and Community
• Larry R. Wasion's Jump Gate 2: Teleporter Expands the Time Travel Universe with High-Stakes Action and Ethical Dilemmas
• Bruce A. Rosenblat Releases A Pocket Full of Change, a Sharp, Thought-Provoking Book on Growth, Perspective, and Personal Change
• Marcus Boyd Announces Upcoming Children's Book The Royal World of Autism and Expands His Global Advocacy for Autism Awareness
• Former Philly Athletes Support Special Needs, Local Woman at Foundation Golf Classic

Then, on August 8, 2023, Expensify released its second quarter 2023 financial results, reporting GAAP EPS of -$0.14, missing consensus estimate of -$0.07, and revenue of $38.9 million, missing consensus estimate of $41.5 million. Additionally, the Company withdrew its previously issued revenue growth guidance. On this news, Expensify's stock price fell $1.69, or 28.6%, to close at $4.23 per share on August 9, 2023.

Then, on November 7, 2023, after the market closed, Expensify released its third quarter 2023 financial results, again missing consensus estimates, reporting a GAAP loss of $0.21 per share and a 14.1% year-over-year revenue decline. On this news, Expensify's stock price fell $1.07, or 36.9%, to close at $1.83 per share on November 8, 2023, thereby injuring investors further.

If you purchased Expensify securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

More on The PennZone

• Phuket Bike Week Rebrands as Hard Rock Cafe Phuket Bike Week Under Landmark 5-Year Partnership
• L2 Aviation Appoints Tony Bailey as President and Chief Operating Officer
• Pieter Bouterse Studio Founder to Retire After 40+ Years; Seeks Successor to Continue Legacy
• #WeAreGreekWarriors Opening Reception Packs the House
• Mensa Brings National Board Game Competition to Northern Virginia April 16-19

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

---

Show All News | Disclaimer | Report Violation