Bragar Eagel & Squire, P.C. Is Investigating Affirm Holdings, Clarivate, and Medallion Financial and Encourages Investors to Contact the Firm

Monday, 17. January 2022 03:00

NEW YORK, Jan. 16, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Affirm Holdings, Inc. (NASDAQ: AFRM), Clarivate Plc (NYSE: CLVT), and Medallion Financial Corporation (NASDAQ: MFIN). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.

Affirm Holdings, Inc. (NASDAQ: AFRM)

On December 16, 2021, the Consumer Financial Protection Bureau (the “CFPB”) announced that it has launched an inquiry into the payment service offered by Affirm known as “buy-now, pay-later” (“BNPL”). The CFPB issued an order to Affirm, along with four other companies offering BNPL, seeking information about Affirm’s facilitation of excessive consumer debt, regulatory arbitrage and data harvesting. The CFPB said it is concerned about “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, CFPB Director Rohit Chopra said, “[t]he consumer gets the product immediately but gets the debt immediately too.”

On this news, Affirm’s stock price declined by $11.74 per share, or approximately 10.6%, from $110.98 per share to close at $99.24 per share on December 16, 2021.

For more information on the Affirm Holdings investigation go to: https://bespc.com/cases/AFRM

Clarivate Plc (NYSE: CLVT)

Clarivate is an information services and analytics company that provides structured information and analytics for discovery, protection, and commercialization of scientific research, innovations, and brands.

On December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n December 22, 2021, Clarivate . . . concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.]” Specifically, Clarivate reported that “[t]he error relates to the treatment under U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination which was consummated on October 1, 2020 (‘the CPA Global Transaction’). In the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.”

On this news, Clarivate’s stock price declined by $1.70 per share, or approximately 6.92%, from $23.58 per share to close at $22.88 per share on December 28, 2021.

For more information on the Clarivate investigation go to: https://bespc.com/cases/CLVT

Medallion Financial Corporation (NASDAQ: MFIN)

On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”

On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.

For more information on the Medallion Financial investigation go to: https://bespc.com/cases/MFIN

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


Primary Logo

Related Links: 
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.