The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Affirm Holdings, Inc. (AFRM) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Affirm Holdings, Inc. (“Affirm” or the “Company”) (NASDAQ: AFRM) securities on February 10, 2022 after the Company sent a Tweet concerning its Second Quarter 2022 financial results at approximately 1:15 p.m. EST (the “Class Period”). Affirm investors have until April 29, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 10, 2022, Affirm announced in a Tweet details of the Company’s second quarter 2022 financial performance, including that sales rose 77%, suggesting revenue would beat expectations. This caused Affirm’s share price to spike nearly 10% in intra-day trading. Later that day, the Company deleted the Tweet and announced its full results, including a net loss of $159.7 million that missed analyst estimates of $100.3 million.

On this news, Affirm’s stock price fell $26.89, or 32.2% from an intra-day high of $83.57 per share to close at $58.68 per share on February 10, 2022, thereby injuring investors.

The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s Tweet contained only selected metrics from its second quarter 2022 financial results, which caused investors to believe that the Company had performed better than it actually did; (2) the Tweet omitted material details, including that Affirm’s quarterly loss was $0.57 per share, which was necessary in order to make the statement made not misleading; and (3) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased Affirm securities during the Class Period, you may move the Court no later than April 29, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Affirm securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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