Levi & Korsinsky, LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Expensify, Inc.

PORTLAND, Ore., March 23, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that the United States District Court for the District of Oregon has approved the following announcement of a proposed class action settlement that would benefit purchasers of Expensify, Inc. common stock (NASDAQ: EXFY):

NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Oregon, that a hearing will be held on June 30, 2026, at 10:00 a.m. before the Honorable Jolie A. Russo, United States Magistrate Judge, at the courthouse for the District of Oregon, either telephonically, on Zoom, and/or at 1000 SW 3rd Ave, Suite 340, Portland, OR 97204-2902, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration in the amount of $9,500,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether Lead Counsel’s application for an award of attorneys’ fees of up to twenty-five percent (25%) and any interest accrued thereon, and reimbursement of out-of-pocket expenses of not more than $180,000 and any interest accrued thereon, and compensatory awards for Plaintiff of not more than $25,000, all to be paid from the Settlement Fund, should be approved; and (4) whether this Action should be dismissed with prejudice against the Defendants as fully set forth in the Stipulation of Settlement dated February 12, 2026 (the “Stipulation”) filed with the Court.

You are receiving this Notice because the Court has preliminarily certified a class of investors for settlement purposes only (“Settlement Class”), and you may be a member of the Settlement Class (“Settlement Class Member”). The proposed Settlement Class consists of all Persons who purchased Expensify common stock pursuant or traceable to Expensify’s registration statement filed in conjunction with Expensify’s initial public offering on November 10, 2021, and were damaged thereby. Excluded from the Settlement Class are Expensify, the Individual Defendants, the Underwriter Defendants, each of their immediate family members, legal representatives, heirs, successors or assigns, and any entity in which any of the Defendants have or had a majority ownership interest.

If you purchased or acquired Expensify, Inc. common stock pursuant or traceable to Expensify’s registration statement filed in conjunction with Expensify’s initial public offering on November 10, 2021, your rights may be affected by this Action and the Settlement thereof. If you have not received a more-detailed, long-form Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and the Proof of Claim and Release form (“Proof of Claim”), you may obtain copies of these documents and the Stipulation by downloading them at the Settlement website at: www.expensifysecuritiessettlement.com. If you are unable to do so, you may contact the Claims Administrator to obtain copies:

Wilhite v. Expensify, Inc., et al.,
c/o Strategic Claims Services
600 N. Jackson Street, Suite 205
P.O. Box 230
Media, PA 19063
Toll-Free: (866) 274-4004
info@strategicclaims.net

The case has been litigated since November 2023. According to the operative complaint, Plaintiff alleges that the inaccuracies in Expensify’s registration statement at the time of its initial public offering violated Sections 11 and 15 of the Securities Act of 1933.

Defendants have denied and continue to deny these allegations, that they committed any act or omission giving rise to any liability or violation of the law, and that any of the Settlement Class’s purported losses were caused by any alleged misstatement in Expensify’s registration statement. The Settlement will resolve the lawsuit and the Released Claims as to the Defendants and other Released Defendants’ Parties. Plaintiff and the Settlement Class are represented by Lead Counsel, who may be reached by contacting: Adam M. Apton, Levi & Korsinsky, LLP, 33 Whitehall Street, 27th Floor, New York, NY 10004, (212) 363-7500.

If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim that is postmarked or received by the Claims Administrator no later than June 29, 2026, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any Judgment rendered in the Action whether or not you make a claim.

If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, in accordance with the procedures set forth in the Notice, so that it is received no later than June 2, 2026. If you decide to exclude yourself from the Settlement Class and wish to file your own individual lawsuit based on the Released Plaintiff’s Claims, Defendants may argue that you face a time bar under applicable statutes of limitation or repose. Any Settlement Class Member considering a request for exclusion should discuss these risks with an appropriate legal advisor. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any Judgment entered in the Action pursuant to the Settlement Stipulation.

If you are a Settlement Class Member and do not exclude yourself, you can object to the Settlement, Plan of Allocation, or Lead Counsel’s request for an Attorney Fee Award and compensatory Award to Plaintiff in the manner and form explained in the detailed Notice and received no later than June 2, 2026.

Any questions regarding the Settlement should be directed to Lead Counsel for the Settlement Class.

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.

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