SAN FRANCISCO, May 31, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Upstart Holdings, Inc. ( UPST) investors with losses in excess of $500,000 to submit your losses now. A securities fraud class action has been filed and investors with significant losses may have the opportunity to lead the case.
Expanded Class Period: Mar. 18, 2021 – May 9, 2022
Lead Plaintiff Deadline: July 12, 2022
Visit: https://www.hbsslaw.com/investor-fraud/UPST
Contact An Attorney Now: [email protected]
844-916-0895
Upstart Holdings, Inc. (
UPST, Financial) Securities Fraud Class Action:
The litigation focuses on Upstart’s past claims that it is not exposed to material balance sheet risk, its proprietary AI algorithm “enables a superior loan product with improved economics that can be shared between consumers and lenders,” and it “leverage[s] the power of AI to more accurately quantify the true risk of a loan.”
The complaint alleges Defendants failed to disclose to investors that: (1) Upstart’s AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans; (2) as a result, Upstart was experiencing negative impacts on its conversion rate; and, (3) as a result, Upstart was reasonably likely to use its balance sheet to fund loans.
Investors began to learn the truth on May 9, 2022, when Upstart announced poor Q1 2022 financial results, slashed revenue...
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