Alfi, Inc. Class Action Investigation

Alfi, Inc. Class Action Investigation

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Kehoe Law Firm, P.C. is investigating whether Alfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF) violated federal securities laws or engaged in other unlawful business practices.

Alfi investors who purchased, or otherwise acquired, Alfi common stock or warrants pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering (“IPO”) conducted on or about May 4, 2021 and/or Alfi securities between May 4, 2021 and November 15, 2021, both dates inclusive (the “Class Period”), are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire. 

To contact Kehoe Law Firm, P.C. about joining the class action, please click “Join The Securities Class Action.” 
To view a copy of the complaint, please click Alfi Complaint.”

According to the Complaint filed in United States District Court, Southern District of Florida, 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.

Throughout the Class Period, according to the complaint, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, 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. 

Additionally, in an SEC Form 8-K, Alfi reported that “[o]n October 22, 2021, the Board of Directors . . . of Alfi . . . 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.” Alfi also reported that “[o]n October 28, 2021, Mr. C. Pereira’s employment with the Company was terminated.”

On this news, shares of Alfi dropped, thereby injuring investors.

ALFI INVESTORS THAT ACQUIRED THE COMPANY’S SECURITIES PURSUANT TO AND/OR TRACEABLE TO THE IPO OR DURING THE CLASS PERIOD ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C. BY CLICKING JOIN THE SECURITIES CLASS ACTION, COMPLETING KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR BY CONTACTING EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE ALFI SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.  
Kehoe Law Firm, P.C.