GlobeNewswire Inc | Jan 24, 2022 09:36AM EST

January 24, 2022

SAN FRANCISCO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Alfi, Inc. (NASDAQ: ALF) investors with significant losses to submit your losses now. A securities fraud class action lawsuit has been filed and certain investors may have valuable claims.

Class Period: May 4, 2021 Nov. 15, 2021Lead Plaintiff Deadline: Jan. 31, 2022Visit:www.hbsslaw.com/investor-fraud/ALFContact An Attorney Now:ALF@hbsslaw.com 844-916-0895

Alfi, Inc. (ALF) Securities Class Action:

The lawsuit alleges that Defendants made false and misleading statements in Alfis offering documents in connection with the companys May 4, 2021 initial public offering and thereafter throughout the Class Period, concerning the effectiveness of Alfis internal controls over financial reporting and disclosures.

The truth about Alfis internal control weaknesses began to emerge on Oct. 28, 2021, when the company announced its board (1) placed each of Alfis CEO (Paul Pereira), CFO (Dennis McIntosh), and CTO (Charles Pereira) on administrative leave, and (2) authorized an internal investigation regarding certain corporate transactions and other matters.

Next, on Nov. 1, 2021, Alfi announced its outside auditor resigned after just 11 days on the job. The company also revealed that its internal investigation resulted from the Companys purchase of a condominium for a purchase price of approximately $1.1 million and the Companys commitment to sponsor a sports tournament in the amount of $640,000, both of which were undertaken by the Companys management without sufficient and appropriate consultation with or approval by the Board.

Then, on Nov. 15, 2021, Alfi revealed it received a subpoena from the SEC directing the company to preserve documents and data related to the condominium and sports tournament sponsorship and to the companys financial reporting and disclosure controls.

These events drove the price of Alfi shares sharply lower.

Were focused on recovering investors losses and proving Alfi lied about controls that should have prevented management misconduct, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Alfi and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Alfi should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ALF@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895