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AFRM Shareholder Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Affirm Holdings, Inc. of Deadline in Securities Fraud Class Action Lawsuit
Globe Newswire 10-Mar-2022 9:13 PM
RADNOR, Pa., March 10, 2022 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Affirm Holdings, Inc. ("Affirm") (NASDAQ:AFRM). The action charges Affirm with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Affirm's materially misleading statements to the public, Affirm's investors have suffered significant losses.
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
CLASS PERIOD: FEBRUARY 10, 2022 AFTER APPROXIMATELY 1:15 P.M. EST
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS: James Maro, Esq. at (484) 270-1453 or via email at info@ktmc.com
AFFIRM'S ALLEGED MISCONDUCT 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. 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%.
WHAT CAN I DO? Affirm investors may, no later than April 29, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Affirm investors who have suffered significant losses to contact the firm directly to acquire more information.
WHO CAN BE A LEAD PLAINTIFF? A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT: Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. 280 King of Prussia Road Radnor, PA 19087 (484) 270-1453 info@ktmc.com
