AFFIRM HOLDINGS INC. UPDATE: Berger Montague Investigates Securities Fraud Allegations Against Affirm Holdings, Inc. (NASDAQ: AFRM); Lead Plaintiff Deadline is April 29, 2022
PHILADELPHIA, March 9, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Affirm Holdings, Inc. (“Affirm” or the “Company”) (NASDAQ: AFRM) between February 10, 2022, through February 10, 2022 (the “Class Period”).
If you purchased Affirm securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/affirm-holdings/
Whistleblowers: Anyone with non-public information regarding Affirm is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
The Lawsuit: Affirm, headquartered in San Francisco, is a buy-now, pay-later company that extends installment loans to creditors.
According to a recently filed lawsuit, at approximately 1:15 p.m. EST on February 10, 2022, Affirm issued a Tweet disclosing, in advance of the Company’s earnings release, certain metrics from its Q2 2022 financial results. The Tweet 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.
Shortly thereafter on the same day, Affirm deleted the Tweet and released its full Q2 2022 financial results ahead of schedule. The full financial results were far less impressive than investors were led to believe from the Tweet, and Affirm’s share price fell $24.89 per share – or 32% – from an intra-day high of $83.57 per share, to close at $58.68 per share on February 10.