SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Alfi, Inc. of Class Action Lawsuit and Upcoming Deadline
NEW YORK, 29 Dec 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Alfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF; ALFIW) and some of its officers and directors. The class action filed in The United States District Court for the southern district of Florida, and registered under 21-cv-24232, is issued on behalf of a class comprised of all individuals and legal entities other than Defendants who have bought or otherwise acquired: (a) Alfi common stock or warrants as set out in the Offering Documents (defined below) in connection with the company’s initial public offering on or at May 4, 2021 (the “IPO” or the “Offer”); and / or (b) Alfi securities between May 4, 2021 and November 15, 2021, including both dates (the “Class 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 has acquired and / or is traceable to Alfi common stock or warrants during the Class Action Period under the offer documents and / or securities of Alfi issued in connection with the company’s initial public offering, you have until January 31, 2022 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Alfi offers interactive software solutions for artificial intelligence and machine learning.
on January 8, 2021Alfi has filed a registration statement on Form S-1 with the US Securities and Exchange Commission in connection with the IPO, which after several changes by the SEC on. has been declared effective May 3, 2021 (the “Registration Statement”).
on May 5, 2021, Alfi has filed a prospectus with the SEC on Form 424B4 in connection with the IPO, which was part of the registration statement (the “Prospectus” and, along with the registration statement, the “Offering Documents”).
According to the offer documents, Alfi went public and sold approximately 3.7 million common shares and approximately 3.7 million warrants to the public at the offer price of $ 4.15 per share and warrant for approximate proceeds to the company of $ 14 million after applicable insurance deductions and commissions and before costs.
In the complaint it is alleged that the offer documents were created negligently and as a result contained false information about essential facts or the disclosure of other facts that were necessary in order not to make the information provided misleading, omitted and not in accordance with the rules and regulations for their creation were created. The lawsuit also alleges that throughout the class action period, defendants made essentially false and misleading statements about the company’s business, operational, and compliance policies. In particular, the Offer Documents and Defendants made false and / or misleading statements and / or failed to disclose that: (i) Alfi maintained inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) as a result, the Company and its employees could, and did, corporate transactions and other matters without sufficient and appropriate consultation or approval from the Company’s directors (the “Board”); (iii) all of these increased the risk of internal and regulatory investigations into the company and its employees; (iv) all of the foregoing, once known, is likely to have a material adverse effect on the company’s reputation, financial condition and ability to file periodic reports with the SEC in a timely manner; and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
on October 28, 2021, Alfi announced in an SEC filing that on October 22, 2021, the board had the 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”) “on paid administrative vacation and authorized an independent internal investigation into certain corporate transactions and other matters.” That filing also disclosed that on October 22, 2021that the Board of Directors has appointed a new interim CEO and Chairman of the Board of Directors, and that “[o]n October 28, 2021, Mr. C. Pereira’s employment with the company was terminated. “
On the news, Alfi’s share price fell $ 1.24 per share, or 21.91% to close on $ 4.42 per share October 29, 2021.
on November 1, 2021, Alfi announced in another SEC filing, among other things, that the company’s chairman of the company’s audit committee had resigned from the board, and details of the company’s transactions and matters pertaining to the internal investigation against P. Pereira, C. Pereira and McIntosh. According to this file, the internal investigation resulted from “the purchase of a condominium by the company for a purchase price of approx $ 1.1 million“and” the company’s commitment to a sports tournament in the amount of $ 640,000, “both of which were” carried out by management without sufficient and appropriate consultation or approval from the board of directors “.
Then, on November 15, 2021, Alfi announced that there was “a letter from the staff of the [SEC] advises that the company, its affiliates, and agents may be in possession of documents and data relevant to an ongoing investigation conducted by SEC employees ”and that“ those documents and data are appropriately retained and should be kept until further notice. “According to Alfi,”[t]The materials to be retained and retained include documents and data that were created on or after April 1, 2018 that[,]”Among other things” were created, modified, or accessed by certain named past and current officers and directors of the Company or other officers or directors of the Company “or” refers to the condominium or sports tournament sponsorship listed in the Current Company’s report on Form 8-K, filed on November 1, 2021or any controls, policies or procedures related to financial reporting and disclosure. “
On too November 15, 2021, Alfi announced “that Louis A. Almerini, CPA, was appointed by the. appointed [Board] serve as an interim [CFO], Effective November 8, 2021. “
Finally on November 16, 2021, Alfi has filed a notice regarding its inability to file its quarterly report on Form 10-Q for the past quarter with the SEC September 30, 2021 (the “3Q21 10-Q”). This filing quoted, among other things, “recent changes in society” [CEO] and [CFO] and Chairman of the Board’s Audit Committee and the need for “a new independent registered accounting firm” as reasons for the company’s inability to complete the 3Q21 10-Q.
After these releases, the company’s share price fell $ 0.24 per share, or 5.21% to close on $ 4.37 per share November 16, 2021.
At the time the lawsuit was filed, Alfi’s common shares and warrants were below the $ 4.15 per share offer price that harms investors.
Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the Dean of the Class Action Chamber, 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, breach of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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