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NEW YORK, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Alfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF, ALFIW) in the United States District Court for the Southern District of Florida on behalf of all persons and entities that purchased Alfi common stock or warrants pursuant to the Company’s May 4, 2021 initial public offering (“IPO”) or securities between May 4, 2021 and November 15, 2021. The Complaint alleges violations of the Securities Act of 1933 and Securities Exchange Act of 1934. Alfi provides interactive artificial intelligence and machine learning software solutions.
According to the Complaint, on October 28, 2021, the Company disclosed that the Company’s Board of Directors (“Board”) had placed the Company’s Chief Executive Officer, Chief Technology Officer, and Chief Financial Officer “on paid administrative leave and authorized an independent internal investigation regarding certain corporate transactions and other matters,” and had subsequently terminated its Chief Technology Officer. Then, on November 1, 2021, the Company disclosed its Chair of the Audit Committee had resigned from the Board and that its internal investigation resulted from “the Company’s purchase of a condominium for a purchase price of approximately $1.1 million” and “the Company’s commitment to sponsor a sports tournament in the amount of $640,000,” both of which “were undertaken by the Company’s management without sufficient and appropriate consultation with or approval by the Board.”
On November 15, 2021, the Company disclosed it “received a letter from the staff of the [SEC] indicating that the Company, its affiliates and agents may possess documents and data relevant to an ongoing investigation being conducted by the staff of the SEC.” Further, the Company should preserve documents that “relate or refer to the condominium or the sports tournament sponsorship identified in the Company’s Current Report on Form 8-K filed on November 1, 2021, or financial reporting and disclosure controls, policies or procedures.”
Finally, on November 16, 2021, the Company filed a notice of its inability to timely file its quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2021. The stock now trades at just around $3.
Investors who purchased or otherwise acquired shares of Alfi during the Class Period should contact the Firm prior to the January 31, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
Please visit our website at http://www.gme-law.com for more information about the firm.