Lawsuit filed for Investors in shares of Alfi, Inc. (NASDAQ: ALF)

An investor, who purchased shares of Alfi, Inc. (NASDAQ: ALF), filed a lawsuit over alleged violations of Federal Securities Laws by Alfi, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Alfi, Inc. (NASDAQ: ALF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 31, 2022. NASDAQ: ALF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Miami, FL based Alfi, Inc. provides interactive intelligent artificial intelligence and machine learning software solutions.

On January 8, 2021, Alfi, Inc. filed a registration statement 1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the Company's initial public offering (“IPO”), which, after several amendments, was declared effective by the SEC on May 3, 2021 (the "Registration Statement").

On May 5, 2021, Alfi, Inc filed a prospectus with the SEC in connection with the IPO, which formed part of the Registration Statement (the "Prospectus" and, together with the Registration Statement, the "Offering Documents").
Pursuant to the Offering Documents, Alfi, Inc. conducted the IPO, selling approximately 3.7 million shares of common stock, and approximately 3.7 million warrants, to the public at the Offering price of $4.15 per both share and warrant for approximate proceeds to the Company of $14 million after applicable underwriting discounts and commissions, and before expenses.

On October 22, 2021, in an SEC filing, Alfi, Inc. disclosed that “The Board of Directors (the “Board”) of Alfi, Inc. (the “Company”) placed each of Paul Pereira, the Company’s President and Chief Executive Officer, Dennis McIntosh, the Company’s Chief Financial Officer and Treasurer, and Charles Pereira, the Company’s Chief Technology Officer, on paid administrative leave and authorized an independent internal investigation regarding certain corporate transactions and other matters.”

Shares of Alfi, Inc. (NASDAQ: ALF) declined from $8.70 per share in late September 2021, to as low as $4.19 per share on October 29, 2021.

According to the complaint the plaintiff alleges on behalf of purchasers of Alfi, Inc. (NASDAQ: ALF) common shares, that the defendants violated Federal Securities Laws.

The plaintiff claims that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.

The plaintiff also alleges that between May 4, 2021 and November 15, 202, the Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies.

More specifically, the plaintiff claims that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that Alfi, Inc. maintained deficient disclosure controls and procedures and internal control over financial reporting, that as a result, the Company and its employees could and did engage in corporate transactions and other matters without sufficient and appropriate consultation with or approval by the Company's Board of Directors (the "Board"), that all the foregoing increased the risk of internal and regulatory investigations into the Company and its employees, that all the foregoing, once revealed, was likely to have a material negative impact on the Company's reputation, financial condition, and ability to timely file periodic reports with the SEC, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Alfi, Inc. (NASDAQ: ALF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.