TUESDAY INVESTOR DEADLINE: Upstart Holdings, Inc. Investors with Substantial Losses Have Opportunity…
Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Upstart Holdings, Inc. (NASDAQ: UPST) securities between March 18, 2021 and May 9, 2022, inclusive (the “Class Period”) have until this Tuesday, July 12, 2022 to seek appointment as lead plaintiff in in the Upstart class action lawsuit. The Upstart class action lawsuit charges Upstart and certain of its top executive officers with violations of the Securities Exchange Act of 1934. The first-filed complaint is captioned Ward v. Upstart Holdings, Inc., No. 22-cv-02856 (N.D. Cal.). Two subsequently-filed complaints – Plymouth County Retirement Association v. Upstart Holdings, Inc., No. 22-cv-02973, and Zhang v. Upstart Holdings, Inc., No. 22-cv-03668 – are also pending in the Northern District of California.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
CASE ALLEGATIONS: Upstart is a cloud-based artificial intelligence (“AI”) lending platform. Upstart claims that “AI lending enables a superior loan product with improved economics that can be shared between consumers and lenders.” Moreover, Upstart “leverage[s] the power of AI to more accurately quantify the true risk of a loan.” Upstart recognizes revenue primarily from fees paid by banks.
The Upstart class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Upstart’s AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans; (ii) as a result, Upstart was experiencing negative impact on its conversion rate; (iii) thus, Upstart was reasonably likely to use its balance sheet to fund loans; and (iv) consequently,…