Shareholders with $100,000 losses or more are encouraged to contact the firm

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Affirm Holdings, Inc. (“Affirm” or the “Company”) (NASDAQ: AFRM) securities between February 12, 2021 and February 10, 2022, inclusive (the “Class Period”). Affirm investors have until April 29, 2022 to file a lead plaintiff motion.

Investors suffering losses on their Affirm investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On December 16, 2021, the Consumer Financial Protection Bureau issued an order to Affirm, along with four other companies offering "buy now, pay later" credit, seeking information about the companies' facilitation of excessive consumer debt, regulatory arbitrage, and data harvesting.

On this news, Affirm’s stock fell $11.74, or 10.6%, to close at $99.24 per share on December 16, 2021, thereby injuring investors.

Then, 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 $16.00, to close at $58.68 per share on February 10, 2022, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Affirm’s buy now, pay later service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting; (2) the foregoing subjected Affirm to a heightened risk of regulatory scrutiny and enforcement action; (3) Affirm maintained inadequate disclosure controls and procedures and internal control over financial reporting; (4) 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; (5) 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 (6) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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