Expensify Must Defend Against Investor Pricing, Business Claims

Expensify Inc. must litigate claims that it misled investors about the prospects for its bottom-up business model and effects of price hikes before its 2021 initial public offering, a federal judge ruled.

The lead plaintiff met a low bar to allege liability claims against the spending management company for omitting 2020 price hike information in its IPO registration statement, said Judge Amy M. Baggio in the US District Court for the District of Oregon on Monday. She adopted, with three tweaks, Magistrate Judge Jolie A. Russo‘s December recommendation to mostly deny Expensify’s motion to dismiss.

The proposed class ...