ALERT: Alfi, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – ALF; ALFIW – Lawyer Monthly

SAN DIEGO – (BUSINESS WIRE) – # ALFIWstock – Robbins Geller Rudman & Dowd LLP announces that buyers of: (a) Alfi, Inc. (NASDAQ: ALF; ALFIW) have common stock or warrants under and / or on the offer documents issued are traceable in connection with Alfi’s initial public offering on or around May 4, 2021 (the “IPO”); and / or (b) Alfi Securities have between May 4, 2021 and November 15, 2021 inclusive (the “Collection Period”) through January 31, 2022 to be appointed lead plaintiff in the Steppacher v. Alfi, Inc., No. 21-cv-24232 (SD-Fla.). Alfi class action lawsuit, commenced on December 2, 2021, charges Alfi and some of its officers and directors with violating the Securities Act of 1933 and / or the Securities Exchange Act of 1934.

If you would like to stand as the lead plaintiff in the Alfi class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at jsanchez@rgrdlaw.com. Lead plaintiffs’ motions for the Alfi class action must be filed with the court by January 31, 2022.

CASE ALERT: Alfi provides interactive software solutions for artificial intelligence and machine learning. According to the IPO offering, Alfi sold approximately 3.7 million common shares and approximately 3.7 million warrants to the public at an IPO price of $ 4.15 per share per warrant, for approximate proceeds of $ 14 million to Alfi, after applicable subscription discounts and commissions to achieve. and before expenses.

Alfi’s class action alleges that the offer documents and defendants made false and misleading information during the class action period and failed to disclose: (i) Alfi had inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) as a result, Alfi and its employees could, and did, corporate transactions and other matters without sufficient and appropriate consultation or approval from Alfi ‘s Board of Directors; (iii) the foregoing increased the risk of internal and regulatory investigations against Alfi and its employees; (iv) the foregoing, once known, is likely to have a material adverse effect on Alfi’s reputation, financial condition and ability to file periodic reports with the US Securities and Exchange Commission (SEC) in a timely manner; and (v) as a result, Alfi’s public statements at all relevant times have been materially false and misleading.

On October 28, 2021, Alfi announced that on October 22, 2021, its board of directors had put Defendants Paul Antonio Pereira (Alfis CEO), Charles Raglan Pereira (Alfis CTO) and Defendant Dennis McIntosh (Alfis CFO) on “paid administrative leave” and authorized an independent internal investigation into certain corporate transactions and other matters. “Alfi also announced that its board of directors has appointed a new interim CEO and chairman on October 22, 2021 and that”[o]On October 28, 2021, Mr. C. Pereira’s employment with the company was terminated. ”As a result of this news, Alfi’s share price fell by almost 22%.

On November 1, 2021, Alfi announced, among other things, that the chairman of Alfi’s audit committee had resigned from the management board, and explained “the acquisition of a condominium by the company for a purchase price of approx. 1.1 million, a sports tournament worth 640,000 Sponsor US Dollars “, both of which were” carried out by management without sufficient and appropriate advice or approval from the board of directors. ”

Then, on November 15, 2021, Alfi announced that it had received “a letter from the staff of the” [SEC] advises that the company, its affiliates, and agents may be in possession of documents and data pertinent to an ongoing investigation being conducted by SEC employees and that those documents and data are appropriately retained and up to date should be kept further.

Finally, on November 16, 2021, Alfi filed a notice of his inability to file his quarterly report on Form 10-Q for the quarter ended September 30, 2021 with the SEC [CEO] and [CFO] and “Chairman of the Board of Directors’ Audit Committee” as well as the need for a “new independent, registered accounting firm” as reasons for the company’s inability to submit its quarterly report in a timely manner. Following these revelations, Alfi’s share price fell more than 5%, which continued to hurt investors.

THE LEAD APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who has acquired: (a) Alfi common stock or warrants under the offer documents issued in connection with and / or on Alfi’s initial public offering are traceable; and / or (b) Alfi securities during the class action period to apply for lead plaintiff in the Alfi class action. A lead plaintiff is generally the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other group members in directing the Alfi class action. The lead plaintiff can choose a law firm of their choice to bring the Alfi class action lawsuit. An investor’s ability to participate in a possible future recovery of the Alfi class action lawsuit does not depend on being the lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have won many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller in first place for reclaiming $ 1.6 billion for investors last year, more than double the amount made by any other securities plaintiff firm was drafted. More information is available at http://www.rgrdlaw.com.

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contacts

Robbins Geller Rudman & Dowd LLP

655 W. Broadway, San Diego, CA 92101

JC Sanchez, 800-449-4900

jsanchez@rgrdlaw.com

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