The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Upstart, Inc. (NASDAQ: UPST) securities between March 18, 2021 and May 9, 2022.
According to the Upstart lawsuit, throughout the Class Period defendants made 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.
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.
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