Affirm Holdings, Inc.
|Company Name||Affirm Holdings, Inc.|
|Class Period||February 12, 2021 to December 15, 2021|
|Lead Plaintiff Motion Deadline||February 06, 2023|
On December 16, 2021, the Consumer Financial Protection Bureau announced that it had launched an inquiry into Affirm, along with four other companies offering “buy-now, pay-later” (“BNPL”) services, indicating that it was concerned about how BNPL leads to “accumulating debt, regulatory arbitrage, and data harvesting.”
On this news, Affirm’s stock fell $11.74, or 10.6%, to close at $99.24 per share on December 16, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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