RADNOR, Pa., April 9, 2022 / PRNewswire / – Law Firm Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that against Affirm Holdings, Inc. (“Affirm”) a class action lawsuit was filed (NASDAQ: AFRM). The action accuses Affirm of violating federal securities laws, including omissions and fraudulent false statements regarding the company’s business, operations and prospects. Affirm’s investors have suffered significant losses as a result of Affirm’s materially misleading statements to the public.
Kessler Topaz is one of the world’s leading proponents of protecting the public from corporate fraud and other unfair acts. Our securities fraud attorneys are regularly recognized as leaders in this field, and our firm is feared and respected among bar associations and insurance groups. We are proud to have recovered billions of dollars for our clients and the shareholder classes we represent.
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MAIN ACTION DATE: April 29, 2022
TEACHING PERIOD: 12 FEBRUARY 2021 THROUGH 10. FEBRUARY 2022
CONTACT YOUR LEGAL REPRESENTATIVE TO SUBMIT YOUR RIGHTS:
James Maro, Esq. at (484) 270-1453 or by e-mail at [email protected]
ACKNOWLEDGE ALLEGED MALFUNCTION
Affirm speaks of itself as a “next generation platform for digital and mobile commerce”. Through its platform, Affirm offers consumers “buy now, pay later” or “BNPL” services. Affirm presents itself as a “more flexible and transparent alternative to credit cards”.
on February 12, 2021Affirm issued a post-market press release announcing Affirm’s second quarter results for fiscal 2021. Cited press release Max Levchin, Affirm’s Chairman and Chief Executive Officer, who stated in the relevant section that: “Affirm’s mission was to create honest financial products that improve lives”; “[w]We have matched our success with the success of both sides of the business ecosystem and we have won when our consumers. . . win ‘; and “we remain committed to enabling consumers to take control of their finances[.]”
Then, on December 16, 2021The Office of Financial Consumer Protection (CFPB) has announced that it has launched an investigation into BNPL’s payment service from Affirm, together with four other companies offering BNPL. The CFPB said it was concerned about BNPL’s leadership in debt accumulation, regulatory arbitrage and data collection, and was looking for data on product risks and benefits. In a statement to BNPL’s services, the CFPB director stated:
Then, about 13:15 on the February 10, 2022Affirm released a tweet from its official Twitter account, in which Affirm published certain metrics from its financial results for the second quarter of 2022. The Tweet, which was published before the planned publication of Affirm’s financial results, depicted a very successful quarter, which included an increase in sales of 77 %. As a result, Affirm’s stock price jumped by almost 10% in trading during the day. Affirm later Tweet erased and published its full financial results for the second quarter before the plan, which were insignificant and recorded a loss $ 0.57 per share compared to analysts’ expectations $ 0.37 per action. Following this report, Affirm’s share price fell from an intraday high $ 83.57 to share on February 10, 2022close o $ 58.68 per share or approximately 32%.
WHAT CAN I DO?
Confirm that investors can no later than April 29, 2022 apply for the appointment of a class representative through Kessler Topaz Meltzer & Check, LLP or another legal representative, or he may choose not to do anything and remain an absent member of the class. Kessler Topaz Meltzer & Check, LLP encourages Affirm investors who have suffered significant losses to contact the company directly for further information.
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WHO CAN BE THE MAIN ACCOUNTANT?
The main plaintiff is the representative party who acts on behalf of all members of the class in litigation. The main claimant is usually the investor or small group of investors who have the greatest financial interest and who are also adequate and typical of the proposed class of investors. The Chief Prosecutor chooses a solicitor to represent the Chief Prosecutor and the class, and these lawyers, if approved by the court, are senior or class counselors. Your ability to participate in any recovery is not affected by the decision to serve as lead plaintiff or not.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP, is prosecuting class actions in state and federal courts throughout the country and around the world. The company has built a worldwide reputation for excellence and extorted billions of dollars from victims of fraud and other corporate misconduct. All our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence on the part of businesses and trustees. The present action was not brought by Kessler Topaz Meltzer & Check, LLP. You can find more information about Kessler Topaz Meltzer & Check, LLP at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 The Way of the King of Prussia
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP