NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Upstart Holdings, Inc. (“Upstart” or the “Company”) (UPST) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Upstart securities between March 18, 2021 and May 9, 2022, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/upst.
This class action seeks to damages against Defendants for recover alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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 adverse material facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Upstart’s AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans; (2) that, as a result, Upstart was experiencing negative impact on its conversion rate; (3) that, as a result, the Company was reasonably likely to use its balance sheet to fund loans; and (4) 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: www.bgandg.com/upst or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Upstart you have until July 12, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has caught hundreds of millions of dollars for investors nationwide. attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]