WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Affirm Holdings, Inc. (NASDAQ: AFRM) resulting from allegations that Affirm may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Affirm securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2253.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On December 16, 2021, the Consumer Financial Protection Bureau (the “CFPB”) announced that it has launched an inquiry into the payment service offered by Affirm known as “buy-now, pay-later” (“BNPL”). The CFPB issued an order to Affirm, along with four other companies offering BNPL, seeking information about Affirm’s facilitation of excessive consumer debt, regulatory arbitrage, and data harvesting. The CFPB said it is concerned about “accumulating debt, regulatory arbitrage, and data harvesting,” and is seeking data on the risks and benefits of the products. In a statement addressing BNPL services, the CFPB Director stated, “[t]he consumer gets the product immediately but gets the debt immediately too.”

On this news, Affirm’s stock price fell $11.74 per share, or 10%, to close at $99.24 per share on December 16, 2021, damaging investors.

Then on February 10, 2022, during market hours, Affirm stock spiked after a later-deleted tweet from the Company’s official Twitter account posted some second quarter metrics. Then, still during market hours on February 10, Affirm tweeted a second tweet, attaching its quarterly results which included a third quarter revenue forecast that missed some analyst estimates and included a widened net loss.

On this news, Affirm’s stock price fell $16.00, or 21%, to close at $58.68 per share on February 10, 2022, damaging investors.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

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