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

• OneVizion Launches Vera AI, Bringing Connected Operational Context to Infrastructure Teams
• P-Wave Press Announces Pushing the Wave 2025 by L.A. Davenport
• DONGSHENG Titanium Recycling: Promoting a Closed-Loop Cycle for High-End Titanium Materials
• French Camp Academy Releases New Video Inviting Individuals to Consider a Life of Service
• LET US READ Documentary on Dyslexia and Literacy to Screen at TCL Chinese 6 in Hollywood

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

• Defense & Space Strategy Strengthens as New Leadership Builds on NASA Results and Expanding Multi-Orbit Opportunities for Ascent Solar Technologies
• STS Capital Partners is pleased to announce the appointment of Barry Brown as Vice President, Business Development
• Qscription Technologies and NEOPATHOLOGY CORP. Sign MOU to Bring FDA-Cleared Lung Imaging AI into U.S. Clinical Practice
• New Bethany's 35th Annual Souper Day to Spotlight Connection Between Health, Hunger and Housing
• Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow

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