According to the Complaint, Alfi, Inc. provides interactive artificial intelligence and machine learning software solutions.

On January 8, 2021, Alfi filed the Registration Statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on May 3, 2021. On or about May 4, 2021, pursuant to the Registration Statement, Alfi’s common stock and warrants began trading on the NASDAQ.

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.

On February 3, 2022, the Court issued an Order consolidating related actions. All future docketing was ordered to be done in the lead case 21-CV-24232.

On March 21, 2022, the Court issued a paperless Order dismissing the Complaint against one of the individual Defendants. On April 13, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended consolidated Complaint on June 13.

On October 14, 2022, Alfi, Inc. filed a bankruptcy petition in the United States Bankruptcy Court for the District of Delaware.

On July 20, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on October 31. On March 8, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On July 21, 2025, the Court issued an Order approving distribution of the Settlement.