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Investigation announced for Investors in MoneyLion Inc. (NYSE: ML) over potential Wrongdoing

05-21-2022 03:42 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in MoneyLion Inc. (NYSE: ML) shares over potential wrongdoing at MoneyLion Inc.

An investigation on behalf of investors in MoneyLion Inc. (NYSE: ML) shares over potential wrongdoing at MoneyLion Inc.

An investigation on behalf of investors in shares of MoneyLion Inc. (NYSE: ML) was announced over potential breaches of fiduciary duties by certain officers and directors at MoneyLion Inc.

Investors who purchased shares of MoneyLion Inc. (NYSE: ML) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain MoneyLion Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

New York based MoneyLion Inc. provides a digital financial platform. MoneyLion Inc. reported that its Total Revenue rose from $79.41 million in 2020, to $171.11 million in 2021, and that its Net Loss increased from $49.99 million in 2020 to $177.65 million in 2021.

On March 10, 2022, MoneyLion Inc. disclosed in a filing with the U.S. Securities and Exchange Commission that the Company's management has noted errors related to operating expenses, net loss and basic and diluted earnings (loss) per share in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and additional paid-in capital and retained earnings in the condensed consolidated balance sheet as of September 30, 2021, along with related impacts to the condensed consolidated statement of cash flows for the nine months ended September 30, 2021 and the condensed consolidated statements of redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders' deficit for the three and nine months ended September 30, 2021. MoneyLion further disclosed that the Company's management identified a second error . . . as the denominator of the diluted net income per share calculation for the three months ended September 30, 2021 did not include the impact of dilutive securities and that [t]he Company's management, in consultation with its advisors, has determined that the calculation of diluted net income per share included within the condensed consolidated statement of operations for the three months ended September 30, 2021 should have included the impact of dilutive securities. Accordingly, the Audit Committee of MoneyLion's Board of Directors determined that the financial statements in question should no longer be relied upon and should be restated in order to correct the errors described above.

Shares of MoneyLion Inc. (NYSE: ML) declined from $11.33 per share in September 2021, to as low as $1.27 per share on May 10, 2022.

Those who purchased shares of MoneyLion Inc. (NYSE: ML) have certain options and should contact the Shareholders Foundation.

Contact:
Christopher Clausen
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.

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