Upstart Holdings, Inc.

Ticker: UPST

Class Period Start: 11/09/2021

Class Period End: 05/09/2022

Registration Deadline: 07/12/2022

A securities class action has been filed in the USDC, N.D.CA. against Upstart Holdings, Inc. (“Upstart” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Upstart securities (NASDAQ: UPST), between November 9, 2021 and May 9, 2022 (the “Class Period”). The action seeks to recover damages for Upstart investors under the federal securities laws.

The Complaint 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 failed to disclose to investors:

  • that Upstart’s AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans;
  • that, as a result, Upstart was experiencing negative impact on its conversion rate;
  • that, as a result, the Company was reasonably likely to use its balance sheet to fund loans; and
  • 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.

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