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AFRM.US
id: 496

Mark Kusnier, et al. v. Affirm Holdings Case

N.D. California
Court
On December 16, 2021, the Consumer Financial Protection Bureau announced that it had launched an inquiry into Affirm’s BNPL payment service, along with four other companies offering BNPL.

The CFPB indicated that it was concerned about how BNPL leads to “accumulating debt, regulatory arbitrage, and data harvesting,” and is seeking data on the risks and benefits of the products. In a statement addressing BNPL services, the CFPB Director stated, “the consumer gets the product immediately but gets the debt immediately too.”

On this news, AFRM stock price dropped over 10% on December 16, 2021, seriously damaging investors.

Taking appearing facts into account, Investors have reasons to suspect that the Company, its Leaders, and its Service Providers did not properly disclose information about the Company’s business, operations, and compliance policies.

Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
15 December 2021
Filing date
08 December 2022
Judge
Hon. William H. Orrick
Collecting participants…

Affirm Holdings Inc

Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally. The company's platform includes point-of-sale payment solution for...

    Ticker
    AFRM.US
    ISIN
    US00827B1061
    CIK
    1820953
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    650 California Street, San Francisco, CA, United States, 94108