AFRM Lawsuit – Affirm Holdings Inc.
A lawsuit has been filed in the Northern District of California against Affirm Holdings Inc., (AFRM:NASDAQ) as Affirm’s “buy-now, pay-later” service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting. AFRM stock fell 10.58%.
Is There An Affirm Holdings Lawsuit?
Yes. There is a Class Action Lawsuit. The Affirm Holdings Inc. (AFRM:NASDAQ) Class Action Lawsuit was filed on December 8, 2022 at the Northern District of California on behalf of the shareholders.
On December 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) announced that it had launched an inquiry into Affirm’s BNPL payment service, along with four other companies offering BNPL.
The CFPB indicated that it was concerned about how BNPL leads to “accumulating debt, regulatory arbitrage, and data harvesting,” and is seeking data on the risks and benefits of the products.
In a statement addressing BNPL services, the CFPB Director stated, “the consumer gets the product immediately but gets the debt immediately too.”
On this news, Affirm’s stock price fell $11.74 per share, or 10.58%, to close at $99.24 per share on December 16, 2021.
Affirm Holdings Lawsuit, What Is It about?
A lawsuit (Affirm Holdings Class Action Lawsuit) was filed on December 8, 2022 on behalf of the shareholders who held common stock on (NASDAQ:AFRM), because the Consumer Financial Protection Bureau (“CFPB”) announced that it had launched an inquiry into Affirm’s BNPL payment service, along with four other companies offering BNPL.
Shareholders who held AFRM securities saw stock fell by 10.58%.
What Is The Deadline For The AFRM Lawsuit?
The deadline for a Lead Plaintiff is February 6, 2023. As a shareholder, you also want to submit your information as soon as you can, so you do not miss out on this class action and you will receive regular updates on the progress of the case, including a settlement announcement.
How Much Was The Stock Loss To AFRM Stock?
Shareholders who held Affirm Holdings Inc. securities saw Affirm’s stock price fell $11.74 per share, or 10.58%, to close at $99.24 per share on December 16, 2021.
What Is Lawsuit Complaint Against Affirm Holdings Inc. About?
An AFRM class action lawsuit (Affirm Holdings Class Action Lawsuit) has been filed on behalf of investors who purchased Affirm Holdings Class Action Lawsuit (AFRM) securities between February 12, 2021 – December 15, 2021, inclusive. For more on the AFRM Lawsuit please contact us today.
According to the Affirm Holdings lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(i) Affirm’s “buy-now, pay-later” service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting;
(ii) the foregoing subjected Affirm to a heightened risk of regulatory scrutiny and enforcement action; and
(iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in AFRM, you have until February 6, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Securities Fraud Class Action Attorneys
Levi & Korsinsky, LLP, have represented Shareholders for over 20 years to secure hundreds of millions of dollars for aggrieved shareholders.
Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States and has built a track record of wining high-stake cases.
What Is Involved In The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired AFRM securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The AFRM class-action lawsuit is directed by the lead plaintiff. To litigate the Affirm Holdings Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Affirm Holdings.
What Does Affirm Holdings Inc. Do?
Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally.
The company’s platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app.
Its commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time with terms ranging from one to sixty months.
As of June 30, 2022, the company had approximately 235,000 merchants integrated on its platform covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies with an omni-channel presence.
Its merchants represent a range of industries, including sporting goods and outdoors, furniture and homewares, travel and ticketing, apparel, accessories, consumer electronics, and jewelry.
Affirm Holdings, Inc. was founded in 2012 and is headquartered in San Francisco, California.
Deadline of Submission is Until February 6, 2023
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