| COMPANY |
Affirm Holdings, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
22-cv-01243 |
| JUDGE |
The Honorable Vince Girdhari Chhabria |
| CLASS PERIOD |
February 12, 2021 - February 10, 2022 |
| SECURITY TYPE |
Securities |
Affirm investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than April 29, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Affirm Holdings, Inc. (“Affirm”) (NASDAQ: AFRM) securities between February 12, 2021 and February 10, 2022, (the “Class Period”).
Case Background:
Affirm is a “next generation platform for digital and mobile-first commerce.” Through its platform, Affirm offers “buy now, pay later” or “BNPL” services to consumers. Affirm represents itself “a more flexible and transparent alternative to credit cards.
At approximately 1:15 p.m. on February 10, 2022, Affirm issued a Tweet from its official account in which it disclosed certain metrics from its second quarter 2022 financial results. The Tweet, which was published prior to Affirm’s planned release of its financial results, portrayed a highly successful quarter, which included an increase in revenue of 77%. This caused Affirm’s share price to spike nearly 10% in intra-day trading.
The complaint alleges that the Tweet was materially misleading, in that it omitted to disclose the full details of Affirm’s second quarter financial results.
Affirm then deleted the Tweet on February 10, 2022, and released its full second quarter 2022 financial results ahead of schedule. The full financial results were far less impressive than investors were led to believe from the Tweet. For example, Affirm posted a quarterly loss of $0.57 per share – far worse than analyst expectations of $0.37 per share.
Following the news of the deleted-Tweet and subsequent release of the full earnings, Affirm’s share price fell $24.89 per share from an intra-day high of $83.57 per share to close at $58.68 per share on February 10, 2022, or approximately 32%.
The complaint alleges that the Tweet was materially false and misleading because it contained only selected metrics from Affirm’s second quarter 2022 financial results, which caused investors to believe that Affirm had performed better than it actually did.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.