SHAREHOLDER ALERT FILING DEADLINE TODAY: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Alfi, Inc. of Class Action Lawsuit and Upcoming Deadline – ALF; ALFIW

NEW YORK, Jan. 31, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Alfi, Inc. (“Alfi” or the “Company”) ALF)) and certain of its officers and directors. The Class Action, filed in the United States District Court for the Southern District of Florida and filed at 21-cv-24232, is on behalf of a class consisting of all persons and entities other than the defendants who purchased or otherwise acquired: (a ) Alfi common shares or warrants pursuant to and/or traceable to the offering documents (defined below) issued in connection with the Company’s initial public offering on or about May 4, 2021 (the “IPO” or the “Offering”); and/or (b) Alfi Securities between May 4, 2021 and November 15, 2021, both dates inclusive (the “Collection Period”). Plaintiff is pursuing claims against Defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Alfi common shares or warrants pursuant to and/or traceable to the offering documents issued in connection with the Company’s IPO and/or Alfi securities during the Class Period, you have until January 31, 2022, to call the court to appoint you as lead plaintiff for the class. A copy of the Complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW) toll free ext. 7980. Individuals inquiring by email will be asked to provide their mailing address, phone number and the number of shares purchased.

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Alfi offers interactive software solutions for artificial intelligence and machine learning.

On January 8, 2021, Alfi filed a registration statement on Form S-1 with the US Securities and Exchange Commission (“SEC”) in connection with the IPO, which, following multiple amendments, was declared effective by the SEC on May 3. 2021 (the “Registration Statement”).

On May 5, 2021, Alfi filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which forms part of the registration statement (the “Prospectus” and together with the registration statement, the “Offering Documents”).

According to the offering documents, Alfi completed the IPO and sold approximately 3.7 million shares of common stock and approximately 3.7 million warrants to the public at the offering price of $4.15 per share per warrant, generating proceeds for the Company of approximately $14 million applicable actuarial rebates and commissions and before expenses.

The complaint alleges that the offering documents were negligently prepared and, as a result, contained untrue statements about material facts or failed to state other facts necessary for the statements made not to be misleading and that they were not in accordance with the Rules and rules for their creation have been drawn up. The Complaint also alleges that the Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies throughout the Class Period. In particular, the Offer Documents and Defendants have made false and/or misleading statements and/or failed to disclose the following: (i) Alfi maintained deficient disclosure controls and procedures and internal controls over financial reporting; (ii) as a result, the Company and its employees could and have engaged in corporate transactions and other matters without sufficient and appropriate consultation with or approval of the Company’s board of directors (the “Board”); (iii) all of this has increased the risk of internal and regulatory investigations of the company and its employees; (iv) all of these, once known, were likely to have had a material adverse effect on the Company’s reputation, financial condition and ability to regularly file reports with the SEC; and (v) as a result, the Company’s public statements were, at all relevant times, materially false and misleading.

On October 28, 2021, Alfi announced in an SEC filing that on October 22, 2021 the board of directors appointed Chief Executive Officer (“CEO”) Paul Antonio Pereira (“P. Pereira”), Chief Technology Officer Charles Raglan Pereira ( “C. Pereira”) and Chief Financial Officer (“CFO”) Dennis McIntosh (“McIntosh”) “remained on paid administrative leave and authorized an independent internal investigation regarding certain corporate transactions and other matters.” October 22, 2021 had appointed a new interim CEO and Chairman and that “[o]On October 28, 2021, Mr. C. Pereira terminated his employment with the Company.”

As a result of this news, Alfi’s stock price fell $1.24 per share, or 21.91%, to close at $4.42 per share on October 29, 2021.

On November 1, 2021, in another SEC filing, Alfi disclosed, among other things, that the chairman of the company’s audit committee had resigned from the board, details of the company’s transactions and matters that sparked the internal investigation into P. Pereira. C. Pereira and McIntosh. According to that filing, the 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 $640,000 sports tournament.” both “were carried out by the management of the company without sufficient and appropriate consultation with or approval of the board of directors.”

Then, on November 15, 2021, Alfi announced that there was “a letter from staff at the [SEC] noting that the Company, its affiliates and agents may possess documents and data relevant to an ongoing investigation being conducted by SEC personnel” and “that such documents and data will be retained appropriately and will be retained until further notice.” should.” According to Alfi, “[t]Materials to be retained and retained include documents and data created on or after April 1, 2018[,]”Among other things, “were created, modified or accessed by certain named former and current officers and directors of the Company or any other officer or director of the Company” or “relates to the condominium or sports tournament sponsorship disclosed in the Current Report Company’s Form 8-K filed November 1, 2021 or financial reporting and disclosure controls, policies or procedures.”

Also on November 15, 2021, Alfi announced “that Louis A. Almerini, CPA, was appointed by the [Board] serve as an interim [CFO]effective November 8, 2021.”

Finally, on November 16, 2021, Alfi filed a notice of inability to timely file its quarterly report on Form 10-Q for the quarter ended September 30, 2021 (the “3Q21 10-Q”) with the SEC. That filing cited, among other things, “recent changes in society [CEO] and [CFO] and in the Chairman of the Audit Committee” of the Board of Directors, as well as “a new independent registered accounting firm” as reasons for the Company’s inability to file the 3Q21 10-Q on time.

Following these disclosures, the Company’s stock price fell $0.24 per share, or 5.21%, to close at $4.37 per share on November 16, 2021.

At the time the complaint was filed, the price of Alfi common shares and warrants was below the offer price of $4.15 per share, hurting investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.

CONTACT:
Robert S Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980