Flywire Corporation

Case Overview
53 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/23/2025 |
Status: | Status: Investigating |
Company Name: | Company Name: Flywire Corporation |
Court: | Court: Eastern District of New York |
Case Number: | Case Number: 1:25cv04110 |
Class Period: | Class Period: 02/28/2024 - 02/25/2025 |
Ticker: | Ticker: FLYW |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of California on behalf of those who acquired Flywire Corporation (“Flywire” or the “Company”) (NASDAQ:FLYW) securities during the period of February 28, 2024 and February 25, 2025, inclusive (“the Class Period”). Investors have until September 23, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 25, 2025, Flywire issued a press release announcing its fourth quarter ("Q4") and FY 2024 financial results. Therein, for Q4 2024, the Company reported a loss per share of $0.12, missing consensus estimates by $0.12, and revenue of $117.6 million, missing consensus estimates by $1.25 million. In discussing these results, Flywire's Chief Executive Officer Defendant Michael Massaro ("Massaro") blamed "a complex macro environment with significant headwinds[.]" Defendant Massaro also announced that the Company would "undertake an operational and business portfolio review" and certain "efficiency measures" including "a restructuring, which impacts approximately 10% of our workforce." Flywire's Chief Financial Officer Defendant Cosmin Pitigoi ("Pitigoi") also advised that "[f]or our 2025 financial outlook, we project [RLAS] growth of 10-14% on an FX-neutral (constant currency) basis"-significantly less than low 20% range previously provided to investors. The same day, Flywire held a conference call with investors and analysts to discuss its Q4 and FY 2024 results. 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. 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 same 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. 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. Following the foregoing disclosures and analyst downgrades and PT cuts, Flywire's voting common stock price fell $6.59 per share, or 37.36%, to close at $11.05 per share on February 26, 2025.
The lawsuit alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. 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; and (ii) the negative impact that permit- and visa-related restrictions were having and were likely to have on Flywire's business was understated.
On February 25, 2025, Flywire issued a press release announcing its fourth quarter ("Q4") and FY 2024 financial results. Therein, for Q4 2024, the Company reported a loss per share of $0.12, missing consensus estimates by $0.12, and revenue of $117.6 million, missing consensus estimates by $1.25 million. In discussing these results, Flywire's Chief Executive Officer Defendant Michael Massaro ("Massaro") blamed "a complex macro environment with significant headwinds[.]" Defendant Massaro also announced that the Company would "undertake an operational and business portfolio review" and certain "efficiency measures" including "a restructuring, which impacts approximately 10% of our workforce." Flywire's Chief Financial Officer Defendant Cosmin Pitigoi ("Pitigoi") also advised that "[f]or our 2025 financial outlook, we project [RLAS] growth of 10-14% on an FX-neutral (constant currency) basis"-significantly less than low 20% range previously provided to investors. The same day, Flywire held a conference call with investors and analysts to discuss its Q4 and FY 2024 results. 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. 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 same 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. 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. Following the foregoing disclosures and analyst downgrades and PT cuts, Flywire's voting common stock price fell $6.59 per share, or 37.36%, to close at $11.05 per share on February 26, 2025.
The lawsuit alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. 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; and (ii) the negative impact that permit- and visa-related restrictions were having and were likely to have on Flywire's business was understated.