According to the Complaint, Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the U.S. and Canada. The Company’s platform includes point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer-focused app. Particularly, Affirm offers a BNPL payment service, which allows consumers to purchase a product immediately and pay for it at a later time, usually over a series of installments.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Affirm’s BNPL service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting; (ii) the foregoing subjected Affirm to a heightened risk of regulatory scrutiny and enforcement action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On March 7, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 5. Defendants filed a Motion to Dismiss the amended Complaint on May 26.

On December 20, 2023, the Court granted Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Lead Plaintiff filed a second amended Complaint on January 19, 2024. Defendants filed a Motion to Dismiss the second amended Complaint on February 2.

On August 26, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.