NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC («KSF») and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until July 12, 2022 to file lead plaintiff applications in securities class action lawsuits against Upstart Holdings, Inc. (NasdaqGS: UPST), if they purchased the Company’s securities between March 18, 2021 and May 9, 2022, inclusive (the “Class Period”) including Convertible Senior Notes due 2026 issued by the Company in a private offering to qualified institutional buyers on or around August 18, 2021. These actions are pending in the United States District Courts for the Southern District of New York and Southern District of Ohio.
What You May Do
If you purchased securities of Upstart as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-upst/ to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by July 12, 2022.
About the Lawsuits
Upstart and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. On May 9, 2022, post-market, the Company revealed its 1Q2022 financial results, disclosing a reduction to its fiscal 2022 guidance, expecting revenue of approximately $1.25 billion and contribution margin of 48% due to “rising interest rates and rising consumer delinquencies [as] putting downward pressure on conversion.” On this news, shares of Upstart fell $43.52, or 56%, to close at $33.61 per share on May 10, 2022.
The first-filed case is Ward v. Upstart Holdings, Inc., No. 22-cv-02856.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner