The Law Offices of Frank R. Cruz Announces Investigation of Expensify, Inc. (EXFY) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Expensify, Inc. (“Expensify” or the “Company”) (NASDAQ: EXFY) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On or around November 11, 2021, Expensify conducted its initial public offering (“IPO”), selling 9.73 million shares are $27 per share.

On June 12, 2023, Morgan Stanley downgraded Expensify from Equal-weight to Underweight, citing structural headwinds and the Company’s risk-reward profile. On this news, Expensify’s stock price fell $0.45, or 6.3%, to close at $6.72 per share on June 12, 2023, thereby injuring investors.

Then, on August 8, 2023, Expensify released its second quarter 2023 financial results, reporting GAAP EPS of -$0.14, missing consensus estimate of -$0.07, and revenue of $38.9 million, missing consensus estimate of $41.5 million. Additionally, the Company withdrew its previously issued revenue growth guidance. On this news, Expensify’s stock price fell $1.69, or 28.6%, to close at $4.23 per share on August 9, 2023.

Then, on November 7, 2023, after the market closed, Expensify released its third quarter 2023 financial results, again missing consensus estimates, reporting a GAAP loss of $0.21 per share and a 14.1% year-over-year revenue decline. On this news, Expensify’s stock price fell $1.07, or 36.9%, to close at $1.83 per share on November 8, 2023, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Expensify securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.