Upstart Holdings, Inc.
A securities class action has been filed in the USDC, N.D.CA. against
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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