According to the Complaint, Flywire Corporation, together with its subsidiaries, operates as a payments-enablement and software company in the U.S. and internationally. The Company’s payment platform and network, as well as its vertical-specific software, purportedly facilitate payments between clients and customers in a variety of industries. This lawsuit was filed against Flywire and four of its Officers.

Although Flywire has a wide range of clients across various verticals, its largest vertical is education, the volumes and revenue from which rely on international enrollments and student school preferences. Accordingly, Flywire’s business in the education industry is of particular importance to investors and analysts, especially the Company’s Americas market, consisting of the U.S. and Canada, as well as its Asia and Pacific region market.

During the Class Period, Defendants consistently touted the sustainability of Flywire’s revenue growth and financial condition, while downplaying the anticipated negative impacts of permit- and visa-related headwinds on the Company’s business. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the strength and sustainability of Flywire’s revenue growth was overstated; (ii) the negative impact that permit and visa-related restrictions were having and were likely to have on Flywire’s business was understated; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.