NEW YORK, June 3, 2022 – Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Upstart, Inc. (NASDAQ: UPST).
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The lawsuit seeks to recover losses for shareholders who purchased Upstart between March 18, 2021 and May 9, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until July 12, 2022 to petition the court. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
According to a filed complaint, Upstart, Inc. issued materially false and/or misleading statements and/or failed to disclose 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 a negative impact on its conversion rate; (3) as a result, the Company was reasonably likely to use its balance sheet to fund loans; and (4) 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.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.