SAN DIEGO, March 26, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Affirm Holdings, Inc. (NASDAQ: AFRM) securities on February 10, 2022 after Affirm sent a tweet concerning its second quarter 2022 financial results at approximately 1:15 p.m. EST (the “Class Period”) have until April 29, 2022 to seek appointment as lead plaintiff in Toole v. Affirm Holdings, Inc., No. 22-cv-01243 (N.D. Cal.). Filed on February 28, 2022 and pending before Judge Vince Chhabria, the Affirm class action lawsuit charges Affirm and its top executive officer with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Affirm class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Affirm class action lawsuit must be filed with the court no later than April 29, 2022.
CASE ALLEGATIONS: Affirm purports to be a “next generation platform for digital and mobile-first commerce.” At approximately 1:15 p.m. EST on February 10, 2022, Affirm issued a tweet from its official account in which Affirm 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%.
As the Affirm class action lawsuit alleges, the tweet caused Affirm’s share price to spike nearly 10% in intra-day trading. The Affirm class action lawsuit further alleges that the tweet was materially misleading, in that it omitted to disclose the full details of Affirm’s second quarter financial results.
Affirm deleted the tweet and released its full second quarter financial results ahead of schedule. The full financial results were lackluster – with Affirm posting a loss of $0.57 per share, compared with analyst expectations of $0.37 per share. On 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%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Affirm securities during the Class Period to seek appointment as lead plaintiff in the Affirm class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
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SOURCE Robbins Geller Rudman & Dowd LLP