Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California captioned Ward v. Upstart Holdings, Inc., et al., Case No. 22-cv-2856, on behalf of persons and entities that purchased or otherwise acquired Upstart Holdings, Inc. (“Upstart” or the “Company”) UPST securities between November 9, 2021 and May 9, 2022, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.
If you suffered a loss on your Upstart investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/upstart-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
On May 9, 2022, after the market closed, Upstart announced its first quarter 2022 financial results in a press release. Therein, the Company 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.”
On this news, the Company’s stock price fell $43.52, or 56%, to close at $33.61 per share on May 10, 2022.
The complaint filed in this class action 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…