Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Affirm Holdings, Inc. (AFRM)
NEW YORK, March 01, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Affirm Holdings, Inc. (“Affirm” or the “Company”) (NASDAQ: AFRM) in the United States District Court for the Northern District of California on behalf of investors 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”).
The Complaint alleges that on February 10, 2022 at approximately 1:15 P.M. EST, the Company tweeted from its official Twitter account disclosing certain metrics from its second quarter 2022 financial results. The tweet, which was published prior to the Company’s planned release of its financial results, portrayed a highly successful quarter, which included an increase in revenue of 77%. This caused the Company’s share price to spike nearly 10% in intra-day trading.
The tweet was materially misleading, in that it omitted to disclose the full details of the Company’s second quarter financial results. The Company deleted the tweet and released its full second quarter financial results ahead of schedule. The full financial results were lackluster – with the Company posting a loss of $0.57 per share, compared with analyst expectations of $0.37 per share. On this news, the Company’s share price plummeted from an intra-day high of $83.57 per share to close at $58.68 per share, or approximately 32%.
Investors who purchased or otherwise acquired shares of Affirm should contact the Firm prior to the April 29, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
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