The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 12, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Upstart Holdings, Inc. ("Upstart" or the "Company") (NASDAQ: UPST) securities between March 18, 2021 and May 9, 2022, inclusive (the "Class Period").

Investors suffering losses on their Upstart investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On May 9, 2022, after the market closed, Upstart announced its first quarter 2022 financial results in a press release. Therein, the Company reduced its fiscal 2022 guidance, expecting revenue of approximately $1.25 billion and contribution margin of 48%. During the related conference call, Upstart's Chief Financial Officer cited "rising interest rates and rising consumer delinquencies [as] putting downward pressure on conversion."

More on The PennZone

• KT Medical Staffing Expands Concierge Nursing and Private Duty Nursing Services in Orange County
• The Millennium Alliance Achieves Great Place To Work® Certification™ Amid Continued Growth
• The Millennium Alliance Appoints Former Adweek Executive Eric Hayden Shakun as Chief Financial Officer to Accelerate Next Phase of Growth
• T. Jones Group Named Finalist Across Multiple Categories at the 2026 Georgie Awards
• Circa 1825-1835 Columbia / Eagle flask sells for a record $177,840 in Glass Works Auctions' online auction held May 4th

On this news, the Company's stock price fell $43.52, or 56%, to close at $33.61 per share on May 10, 2022.

The complaint filed in this class action 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: (1) that Upstart's AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans; (2) that, as a result, Upstart was experiencing negative impact on its conversion rate; (3) that, as a result, the Company was reasonably likely to use its balance sheet to fund loans; and (4) 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.

If you purchased or otherwise acquired Upstart securities during the Class Period, you may move the Court no later than July 12, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

More on The PennZone

• The Simplest Small Business You're Probably Not Thinking About
• San Francisco Writer Wins Webby Award, Internet's Highest Honor, for Website Based on her Novel
• EDC Weekend Comedy Special Featuring Don Barnhart & Friends — Use Promo Code FRIEND for 50% Off
• N Y S E: OTH Off The Hook YS Is Building a Vertically Integrated Marine Empire — And Investors Are Starting to Notice
• Concierge Title Agency Merges with Independence Title, Inc. to Deliver an Expanded Concierge Closing Experience Across South Florida

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

---

Show All News | Disclaimer | Report Violation