Levi & Korsinsky, LLP announces that a UPST class action lawsuit has been filed on behalf of investors who purchased Upstart, Inc. (UPST) securities between November 9, 2021, and May 9, 2022. For more on the UPST Lawsuit please contact us today.
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.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171