Affirm offers “buy now, pay later” or “BNPL” services to consumers through its platform, representing itself as “a more flexible and transparent alternative to credit cards.” On February 10, 2022 at approximately 1:15 p.m., Affirm issued a Tweet from its official account in which the Company disclosed 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 Affirm’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 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 the Company posting a loss of $0.57 per share, compared with analyst expectations of $0.37 per share. On this news, Affirm’s share price plummeted from an intra-day high of $83.57 per share to close at $58.68 per share, or approximately 32%.
The alleged class includes : All investors who purchased or otherwise acquired Affirm Holdings, Inc. 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.
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