Press release
Lawsuit filed for Investors in shares of Upstart Holdings, Inc. (NASDAQ: UPST)
A lawsuit was filed on behalf of investors in Upstart Holdings, Inc. (NASDAQ: UPST) shares over alleged securities laws violations
Investors who purchased shares of Upstart Holdings, Inc. (NASDAQ: UPST) have certain options and for certain investors are short and strict deadlines running. Deadline: July 12, 2022. NASDAQ: UPST investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Mateo, CA based Upstart Holdings, Inc. operates a cloud- based artificial intelligence (AI) lending platform in the United States.
Upstart Holdings, Inc. reported that its annual Total Revenue rose from $222.05 million in 2020 to $846.61 million in 2021, and that its Net Income increased from $5.98 million in 2020, to $135.44 million in 2021.
On May 9, 2022, Upstart Holdings, Inc. announced its first quarter 2022 financial results in a press release. Therein, Upstart Holdings, Inc. reduced its fiscal 2022 guidance, expecting revenue of approximately $1.25 billion and contribution margin of 48%. During the related conference call, Upstart's Chief Financial Officer cited "rising interest rates and rising consumer delinquencies [as] putting downward pressure on conversion."
Shares of Upstart Holdings, Inc. (NASDAQ: UPST) declined from $94.43 per share on May 4, 2022, to as low as $25.43 per share on May 11, 2022.
The plaintiff claims that between November 9, 2021 and May 9, 2022, the Defendants failed to disclose to investors that Upstart's AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans, that, as a result, Upstart was experiencing negative impact on its conversion rate, that, as a result, the Company was reasonably likely to use its balance sheet to fund loans; and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Those who purchased shares of Upstart Holdings, Inc. (NASDAQ: UPST) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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