SAN FRANCISCO, April 07, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Affirm Holdings, Inc. (NASDAQ: AFRM) investors who suffered significant losses to submit your losses now . A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Feb. 12, 2021 – Feb. 10, 2022
Lead Plaintiff Deadline: Apr. 29, 2022
Visit: www.hbsslaw.com/investor-fraud/AFRM
Contact An Attorney Now: AFRM@hbsslaw.com
844-916-0895
Affirm Holdings, Inc. (AFRM) Securities Fraud Class Action:
The lawsuit focuses on Affirm’s statements about its “buy-now pay-later” (“BNPL”) service, including its commitment to providing “honest financial products,” consumers’ confidence in its service, and the adequacy of its policies and procedures to ensure compliance with applicable laws and regulations.
According to the complaint, Defendants made false and misleading statements or failed to disclose that: (1) Affirm’s BNPL service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting; (2) the foregoing subjected Affirm to a heightened risk of regulatory scrutiny and enforcement action; (3) Affirm maintained inadequate disclosure controls and procedures and internal control over financial reporting; and, (4) accordingly, Affirm’s tweet for its Q2 2022 financial results contained selected metrics that made it appear the financial results were better than they actually were.
On Dec. 16, 2021, the Consumer Financial Protection Bureau announced that it launched an inquiry into Affirm’s and others’ BNPL services and expressed its concern about how BNPL leads to “accumulated debt, regulatory arbitrage, and data harvesting.”
Then, on Feb. 10, 2022, although Affirm issued a Tweet characterizing its Q2 2022 financial results as “[a]nother great quarter on the books,” the results were far less impressive than investors were led to believe and included a quarterly loss of $0.57/share – far worse than the $0.37/share loss analysts expected.
These events have driven the price of Affirm shares sharply lower.
“We’re focused on investors’ losses and proving Affirm intentionally misrepresented its BNPL practices and understated their risks to the business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Affirm and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman .
Whistleblowers: Persons with non-public information regarding Affirm should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AFRM@hbsslaw.com .
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw .
Contact:
Reed Kathrein, 844-916-0895