⚠ This Settlement Appears To Be Closed. Review the official settlement website for current status.
Published: June 25, 2026
Overview
Individuals who bought common stock through the company’s initial public offering on November 10, 2021, may be eligible to receive compensation from a proposed $9,500,000 settlement. The lawsuit, filed in the United States District Court for the District of Oregon, alleges that Expensify and multiple defendants—including company executives David Barrett, Ryan Schaffer, Blake Bartlett, Robert Lent, Anu Muralidharan, Jason Mills, Daniel Vidal, Timothy L. Christen, Ying (Vivian) Liu, and Ellen Pao, along with underwriting firms J. Morgan Securities LLC, Citigroup Global Markets Inc., JMP Securities LLC, and Loop Capital Markets LLC—made materially false or misleading statements in the company’s registration statement associated with the IPO. The case centers on alleged violations of federal securities laws through misrepresentations and omissions of material facts presented to investors.
The settlement class includes anyone who purchased Expensify common stock pursuant to or traceable to the company’s registration statement filed for the November 10, 2021 offering. 1 million affected shares, the estimated average recovery per share is approximately $0. 85 before deductions for attorney fees, expenses, and costs. However, individual recoveries will vary depending on when shareholders purchased or sold their stock and the total number of valid claims submitted. The Net Settlement Fund will be distributed according to a court-approved allocation plan, with distributions made only to those who submit valid claim forms. Class members have several options regarding this settlement.
Those who wish to participate need take no action if they simply want to receive their share of the settlement fund based on the allocation plan. Alternatively, shareholders may submit a claim form to ensure their purchase information is properly documented for distribution purposes. Class members who prefer to pursue their own legal remedies may opt out of the settlement entirely. Those with concerns about the settlement’s fairness or the proposed attorney fees may object to the settlement before the court’s final approval hearing. The court will hold a hearing to consider approval of the settlement, the plan of allocation, and counsel’s fee request. All class members should note that their legal rights will be affected by this settlement whether they take action or not.
Important Documents
Official Settlement Website
For full details or to file a claim, visit:
https://expensifysecuritiessettlement.com