Howard G. Smith Law Firms Remind Investors of Looming Class Action Against Alfi, Inc. (ALF, ALFIW)

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BENSALEM, Pennsylvania, December 08, 2021– (COMMERCIAL THREAD) – Howard G. Smith Law Firms Remind Investors January 31, 2022 deadline for filing a petition as principal plaintiff in the matter filed on behalf of investors who purchased Alfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF, ALFIW): (a) common stock or warrants in accordance with and / or traceable to the registration statement issued in connection with the Company’s initial public offering in May 2021 (the “IPO” or “the offer”); and / or (b) titles between May 4, 2021 and November 15, 2021, inclusive (the “Remedy Period”).

Investors experiencing losses on their Alfi investments are encouraged to contact the law firms of Howard G. Smith to discuss their legal rights in this class action lawsuit at 888-638-4847 or by email at howardsmith@howardsmithlaw.com.

On or about May 4, 2021, Alfi went public, selling approximately 3.7 million common shares and 3.7 million warrants at $ 4.15 per share per warrant.

On October 28, 2021, Alfi revealed that his board had placed the Company’s President and CEO, CFO and Treasurer, and CTO “on administrative leave. [pending] an independent internal investigation into certain corporate transactions and other matters. He also stated that on October 28, 2021, Alfi terminated the employment of the CTO.

Following this news, Alfi’s stock price fell $ 1.18, or 22%, to close at $ 4.42 per share on October 29, 2021, hurting investors.

On November 1, 2021, Alfi announced the resignation of the chairman of its audit committee. The company also said its internal investigation looked into “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 , which“ were undertaken by the management of the Company without sufficient and appropriate consultation or approval of the Board of Directors. “

On November 15, 2021, Alfi said he “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 by SEC personnel. “

On November 16, 2021, Alfi said she was unable to timely file her quarterly report on Form 10-Q for the period ended September 30, 2021.

Following this news, the Company’s share price fell $ 0.24, or 5%, to close at $ 4.37 per share on November 16, 2021.

The complaint filed alleges that throughout the Class Period, the Defendants made materially false and misleading representations regarding the business, operations and prospects of the Company. Specifically, the Defendants made false and / or misleading statements and / or failed to disclose that: (i) Alfi maintained deficient disclosure controls and procedures and internal control over financial reporting; (ii) accordingly, the Company and its employees could and did participate in corporate transactions and other matters without sufficient and appropriate consultation with or approval by the Board of Directors of the Company; (iii) all of the above increased the risk of internal and regulatory investigations on the Company and its employees; (iv) all of the foregoing, when disclosed, was likely to have a material adverse effect on the reputation of the Company, its financial condition and its ability to timely file periodic reports with the SEC; and (v) accordingly, the Company’s public statements were materially false and misleading at all material times.

If you have purchased or acquired securities of Alfi in accordance with and / or traceable until the IPO and / or during the Recourse Period, you can bring the matter before the Court at the latest. January 31, 2022 ask the court to appoint you as the main plaintiff if you meet certain legal conditions. To be a member of the class action, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith , 3070 Bristol Pike, Suite 112, Bensalem, PA 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at howardsmith@howardsmithlaw.com, or visit our website at the address www.howardsmithlaw.com.

This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211208005202/en/

Contacts

Howard G. Smith Law Firms
Howard G. Smith, squire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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