Philadelphia, Pennsylvania– (Newsfile Corp. – December 29, 2024) – The Grabar Law Office is investigating whether certain officers and directors of Slow down Inc. (NASDAQ: NASDAQ: ) breached their fiduciary duties owed to the company.
Current Explain shareholders who own shares of Reduce stock on or near the November 11, 2021 IPO date, may seek corporate restructuring, return money to the company's treasury, and may receive a court-approved incentive award. You are encouraged to visit https://grabarlaw.com/the-latest/expensify-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com, or call us at 267-507-6085.
Why: On October 15, 2021, Expensify filed a registration statement on Form S-1 with the SEC regarding the IPO, which, after several amendments, was declared valid by the SEC on November 9, 2021. On November 11, 2021, Pursuant to the Offering Documents, Expensify conducted its IPO, selling 9.73 million shares at a price $27.00 per share.
The underlying securities class action complaint alleges that the offering documents issued in connection with the IPO were negligently prepared and, as a result, contained material misstatements or omitted to state other facts necessary to make the statements made misleading and nonexistent. prepared in accordance with the rules and regulations governing their preparation. Specifically, the Complaint alleges that the Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) Expensify's revenue growth was significantly affected by structural and macroeconomic changes; (ii) as a result, the Company has overestimated the effectiveness of its business model and the likelihood that it will meet the long-term growth projections set forth in the Offering Memorandum; (iii) accordingly, the Company's post-IPO financial condition and/or business prospects have been overstated; and (iv) as a result, the Defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or unsubstantiated at all relevant times.
What now? Current Expensify shareholders who own shares of Expensify common stock on or near the November 11, 2021 IPO, should visit https://grabarlaw.com/the-latest/expensify-shareholder-investigation/, contact Joshua Grabar at jgrabar@ graballaw. com, or call us at 267-507-6085. You may seek corporate restructuring, a refund of the company's funds, and a court-approved incentive award at no cost to you.
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