Alfi Class Action Reminder | 2022-01-23 | Press Releases

Securities litigation partner James (Josh) Wilson encourages investors who have suffered losses greater than $100,000 in Alfi to contact him directly to discuss their options

New York, New York–(Newsfile Corp. – Jan. 23, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Alfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF) (NASDAQ: ALFIW) and reminds investors of the January 31, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses greater than $200,000 investing in Alfi shares or options between May 4, 2021 and November 15, 2021 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly at 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/ALF.

There is no cost or obligation for you.

Faruqi & Faruqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1 ) Alfi maintained deficient disclosure controls and procedures and internal control over financial reporting; (2) as a result, the Company and its employees could and have engaged in corporate transactions and other matters without sufficient and proper consultation with or approval by the Board of Directors of the Company (the “ Advice “) ; (3) all of the foregoing has increased the risk of internal and regulatory investigations of the Company and its employees; (4) any of the foregoing, if disclosed, could have a material adverse impact on the Company’s reputation, financial condition and ability to timely file periodic reports with the SEC; and (5) therefore, the Company’s public statements were materially false and misleading at all material times.

On October 28, 2021, Alfi disclosed in an SEC filing that on October 22, 2021, the Board of Directors had appointed Chief Executive Officer (“CEO”) Paul Antonio Pereira (“P. Pereira”), the Chief of Technology Charles Raglan Pereira (“C. Pereira”), and Chief Financial Officer (“CFO”) Dennis McIntosh (“McIntosh”) “on paid administrative leave and has authorized an independent internal investigation regarding certain corporate transactions and ‘other questions”. This filing further revealed, among other changes, that on October 22, 2021, the board named a new CEO and interim chairman, and that “[o]On October 28, 2021, MC Pereira’s employment with the Company was terminated.”

On 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, Alfi disclosed in another SEC filing, among other things, that the company’s audit committee chair had resigned from the board, and details regarding corporate transactions and questions that precipitated the internal investigation of P. Pereira, C. Pereira and McIntosh. According to the 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 tournament sports event in the amount of $640,000”, both “were undertaken by the management of the Corporation without sufficient and proper consultation or approval by the Board. »

Then, on November 15, 2021, Alfi revealed that it “received a letter from the staff of the [SEC] stating that the Company, its affiliates and its agents may possess documents and data relevant to an ongoing investigation by SEC staff” and “that such documents and data should be reasonably retained and retained until further notice . “According to Alfi,”[t]Items to be retained and preserved include documents and data created on or after April 1, 2018 that[,]”among other things, “have been created, modified or viewed by certain former and current named officers and directors of the Company or any other officer or director of the Company” or “relates or refers to the co-ownership or sponsorship of tournaments athletes identified in the company’s Current Report on Form 8-K filed November 1, 2021, or financial reports and disclosure controls, policies, or procedures.”

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

Finally, on November 16, 2021, Alfi filed a notice of its failure to timely file its Quarterly Report on Form 10-Q with the SEC for the quarter ended September 30, 2021 (the “3Q21 10-Q”). This filing cited, among other things, “recent changes in the [CEO] and [CFO] and in the chairman of the audit committee” of the board of directors, as well as the need for “a new registered independent accounting firm”, as reasons for the company’s inability to timely file the 3Q21 10-Q.

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 lawsuit was filed, the price of Alfi’s common stock and warrants was trading below the offering price of $4.15 per share, hurting investors.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of the class members directing and supervising the litigation on behalf of the putative class. Any putative class member may ask the Court to serve as lead plaintiff through counsel of their choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Alfi’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

Lawyer advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111237

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