Alfi, Inc.

Alfi, Inc.

Ticker: ALF

Class Period Start: 05/04/2021

Class Period End: 11/15/2021

Registration Deadline: 01/31/2022

Alfi, Inc. (“Alfi” or the “Company”) provides interactive artificial intelligence and machine learning software solutions.

On or about May 4, 2021, Alfi conducted its IPO, selling approximately 3.7 million shares of common stock and 3.7 million warrants at $4.15 per both share and warrant.

On October 28, 2021, Alfi revealed that its Board of Directors had placed the Company’s President and Chief Executive Officer, its Chief Financial Officer and Treasurer, and its Chief Technology Officer “on administrative leave [pending] an independent internal investigation regarding certain corporate transactions and other matters.” It also stated that on October 28, 2021, Alfi terminated the CTO’s employment.

On this news, Alfi’s stock price fell $1.18, or 22%, to close at $4.42 per share on October 29, 2021, thereby injuring investors.

On November 1, 2021, Alfi disclosed that the Chair of its Audit Committee resigned. The Company also stated that its internal investigation was into “the Company’s purchase 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 Company’s management without sufficient and appropriate consultation with or approval by the Board.”

On November 15, 2021, Alfi stated that it “received a letter form the staff of the [SEC] indicating that the Company, its affiliates and agents may possess documents and data relevant to an ongoing investigation being conducted by the staff of the SEC.”

On November 16, 2021, Alfi stated that it could not timely file its quarterly report on Form 10-Q for the period ended September 30, 2021.

On this news, the Company’s stock price fell $0.24, or 5%, to close at $4.37 per share on November 16, 2021.

A securities class action has been filed against Alfi on behalf of shareholders that acquired Alfi shares in connection with its May 4, 2021 IPO or that purchased Alfi shares between May 4, 2021 through November 15, 2021.  This case has been filed in the U.S. District Court for the Southern District of Florida.

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alfi maintained deficient disclosure controls and procedures and internal control over financial reporting; (ii) 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; (iii) all the foregoing increased the risk of internal and regulatory investigations into the Company and its employees; (iv) 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 (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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