Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Affirm Holdings, Inc. (“Affirm”) (NASDAQ: AFRM) securities between February 12, 2021 and February 10, 2022, inclusive (the "Class Period").
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%. The complaint alleges that the Tweets were materially false and misleading.
Current Status of Case:
On September 28, 2022, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.