NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of Flywire Corporation (“Flywire” or the “Company”) (NASDAQ: FLYW) between February 28, 2024 and February 25, 2025, both dates inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. The Complaint alleges that specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the strength and sustainability of Flywire’s revenue growth was overstated; (ii) the negative impact that permit and visa-related restrictions were having and were likely to have on Flywire’s business was understated; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The Complaint continues to allege that on February 25, 2025, Flywire held a conference call with investors and analysts to discuss its Q4 and FY 2024 results. The Complaint alleges that during the call, Defendants revealed that the Company’s business in the education sector had significantly deteriorated due to worsening permit and visa-related headwinds, including “double digit declines in student visa issuance in our big four geographic markets,” with “continued visa policy restrictions” anticipated in 2025. The Complaint alleges that significantly, Defendant Pitigoi disclosed that Defendants “expect revenue in both [Canadian and Australian] markets to be down over 30% [Y/Y]” because of “recent policy changes” and “new visa rules [that] are starting to affect demand[,]” while also citing headwinds in the Company’s U.S. market on similarly shifting visa trends.
The Complaint states that on February 25, 2025 and the following day, multiple analysts downgraded their recommendation on Flywire and/or cut their price target (“PT”) on the Company’s stock, citing its poor Q4 and FY 2024 results. The Complaint alleges that multiple analysts also noted that Flywire’s forecasted FY 2025 revenue growth, particularly with respect to U.S., Canadian, and Australian markets, was unexpected and/or stood in sharp contrast to Defendants’ prior representations.
According to the Complaint, following the foregoing disclosures and analyst downgrades and PT cuts, Flywire’s stock price fell $6.59 per share, or 37.36%, to close at $11.05 per share on February 26, 2025.
Investors who purchased or otherwise acquired securities of Flywire should contact the Firm prior to the September 23, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
