SHAREHOLDER ALERT: Robbins LLP Reminds Investors of Class Action Against Alfi, Inc. (ALF, ALFIW)
Shareholder law firm Robbins LLP reminds investors that a class action lawsuit has been filed on behalf of all persons and entities who have purchased common shares or warrants of Alfi, Inc. (NASDAQ: ALF, ALFIW) pursuant to the initial public offering (âIPOâ) of the Company from May 4, 2021 or securities between May 4, 2021 and November 15, 2021. The complaint alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Alfi provides interactive software solutions artificial intelligence and machine learning.
If you have suffered a loss as a result of Alfi, Inc.’s misconduct, click here.
Alfi, Inc. (ALF, ALFIW) Failed to Disclose Weak Disclosure Controls and Internal Control over Financial Reporting
According to the complaint, Alfi began trading publicly on May 4, 2021. However, the documents filed in support of the IPO (the âOffer Documentsâ) were negligently prepared. More specifically, the offering documents did not indicate that Alfi maintained deficient disclosure controls and procedures and internal control over financial reporting. As a result, the Company and its employees could and did participate in corporate transactions and other matters without sufficient and appropriate consultation with or approval by the Board of Directors of the Company. This has increased the risk of internal and regulatory investigations on the Company and its employees.
On October 28, 2021, Alfi revealed that the board had placed the company’s CEO, CTO and CFO “on paid administrative leave and authorized an independent internal investigation into certain corporate transactions. and other matters â, and subsequently terminated its CTO. Then, on November 1, 2021, Alfi revealed that his chairman of the audit committee had resigned from the board of directors and that his internal investigation resulted from “the purchase by the company of a condominium for a purchase price of ‘approximately $ 1.1 million “and” the Company’s commitment to sponsor a sports tournament in the amount of $ 640,000 “, both of which” were undertaken by the management of the Company without consultation or approval. sufficient and appropriate board of directors â.
On November 15, 2021, Alfi revealed that he “received a letter from the staff of the [SEC] indicating that the Company, its affiliates and agents may possess documents and data relevant to an ongoing investigation by SEC personnel. in the company’s current report on Form 8-K filed November 1, 2021, or financial reporting and disclosure controls, policies or procedures. ”
Finally, on November 16, 2021, Alfi filed a notice indicating his inability to timely file his quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2021. The stock is now trading at under $ 3.
If you have purchased shares or warrants of Alfi, Inc. (ALF, ALFIW) in connection with the IPO or of securities of the Company between May 4, 2021 and November 15, 2021, you have until January 31, 2022 to ask the court to appoint you as the principal plaintiff in the class.
Any representation is on the basis of contingency fees. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recover their losses, improve corporate governance structures, and hold top executives. company responsible for their wrongdoing since 2002. To be notified of a class action lawsuit against Alfi, Inc. rule or to receive free alerts when company executives commit wrongdoing, subscribe to Stock watch today.
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