New York, New York--(Newsfile Corp. - March 23, 2022) - Pomerantz LLP is investigating claims on behalf of investors of MoneyLion Inc.("MoneyLion" or the "Company") (NYSE: ML). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether MoneyLion and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 10, 2022, MoneyLion disclosed in a filing with the U.S. Securities and Exchange Commission that "the Company's management has noted errors related to operating expenses, net loss and basic and diluted earnings (loss) per share in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and additional paid-in capital and retained earnings in the condensed consolidated balance sheet as of September 30, 2021, along with related impacts to the condensed consolidated statement of cash flows for the nine months ended September 30, 2021 and the condensed consolidated statements of redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders' deficit for the three and nine months ended September 30, 2021." MoneyLion further disclosed that "the Company's management identified a second error . . . as the denominator of the diluted net income per share calculation for the three months ended September 30, 2021 did not include the impact of dilutive securities" and that "[t]he Company's management, in consultation with its advisors, has determined that the calculation of diluted net income per share included within the condensed consolidated statement of operations for the three months ended September 30, 2021 should have included the impact of dilutive securities." Accordingly, the Audit Committee of MoneyLion's Board of Directors determined that the financial statements in question "should no longer be relied upon and should be restated in order to correct the errors described above."
On this news, MoneyLion's stock price fell $0.18 per share, or 7.11%, to close at $2.29 per share on March 10, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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