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As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the strength and sustainability of Flywire’s revenue growth was overstated; (2) the negative impact that permit- and visa-related restrictions were having and were likely to have on Flywire’s business was understated; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On February 25, 2025, Flywire released its fourth quarter 2024 financial results. Among other items, Flywire missed consensus estimates with respect to key metrics, reported a net loss of $15.9 million, lowered its 2025 guidance, and announced a restructuring plan that includes a 10% reduction in its workforce.
On this news, Flywire’s stock price fell $6.59 per share, or 37.4%, to close at $11.05 per share on February 26, 2025.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Flywire’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Flywire class action, go to www.faruqilaw.com/FLYW or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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