<p>，/PRNewswire/ -- Pomerantz LLP 宣布已对 Upstart Holdings, Inc.（&#34;Upstart&#34; 或 &#34;公司&#34;）（NASDAQ: UPST）及某些高管提起集体诉讼。该集体诉讼在美国纽约南区地方法院提起，案号为 26-cv-02974，代表在 2025 年 5 月 14 日至 2025 年 11 月 4 日（包括这两个日期）期间购买或以其他方式获得 Upstart 证券的所有个人和实体（&#34;集体成员&#34;），寻求因被告违反联邦证券法而造成的损害赔偿，并根据 1934 年证券交易法第 10(b) 和 20(a) 条款及其下发布的第 10b-5 条规追求救济，针对公司及其某些高管。</p>
<p>如果您是于集体诉讼期间购买或以其他方式获得 Upstart 证券的投资者，您有直到 2026 年 6 月 8 日的时间请求法院任命您为该集体的首席原告。投诉的副本可以在 www.pomerantzlaw.com 获取。如需讨论此诉讼，请联系 Danielle Peyton，电子邮件地址为 [email protected] 或拨打 646-581-9980（或 888.4-POMLAW），免费电话，分机 7980。询问者被鼓励在电子邮件中提供邮寄地址、电话号码和购买的股票数量。</p>
<p><strong>[点击此处获取有关加入集体诉讼的信息]</strong></p>
<p>Upstart 及其子公司在美国运营一个基于云的人工智能（&#34;AI&#34;）借贷平台。其平台包括无担保个人贷款、小额贷款、汽车再融资、汽车零售贷款、汽车担保个人贷款和房屋净值信贷额度。</p>
<p>Upstart 据称使用其专有的 AI 模型来更准确地量化贷款的真实风险，这一过程被称为 &#34;风险分离&#34;。公司声称，这种差异化的承保方法通常导致比传统借贷实践更高的批准率和更低的利率，为其资本合作伙伴（包括银行、信用合作社和机构投资者）提供更可预测的回报。被告定期校准 Upstart 的 AI 模型，以提高贷款批准的准确性和自动化程度。</p>
<p>在 2025 年 5 月初，Upstart 推出了其 AI 模型的最新版本，称为 &#34;Model 22&#34;。在所有相关时间内，被告宣传 Model 22 的所谓准确性，声称它提高了贷款批准率，从而增加了公司的收入和增长。例如，在 2025 年 2 月，Upstart 发布了 2025 财年的财务指引，包括约 10 亿美元的收入，其中约 9.2 亿美元来自费用。2025 年 5 月，被告稍微提高了上述指引至约 10.1 亿美元的收入，仍然包括约 9.2 亿美元的费用收入。然后，在 2025 年 8 月，被告大幅提高了上述指引至约 10.55 亿美元的收入，其中包括约 9.9 亿美元的费用收入，比之前预测多出 7000 万美元，称这是由于 Model 22 驱动的业绩改善。</p>
<p>投诉称，在集体诉讼期间，被告对公司的业务、运营和前景做出了实质性虚假和误导性的陈述。具体而言，被告做出了虚假和/或误导性的陈述和/或未能披露以下内容：（i）Model 22 在执行其风险分离过程时经常对负面的宏观经济信号反应过度；（ii）因此，Model 22 的整体准确性和提高贷款批准率的倾向被夸大；（iii）Model 22 对信用和宏观经济条件的过于保守评估对 Upstart 的收入结果产生了显著的负面影响，使公司之前发布的 2025 财年收入指引不可靠和/或不切实际；（iv）因此，被告的公开声明在所有相关时间内都是实质性虚假和误导的。</p>
<p>真相在 2025 年 11 月 4 日开始浮出水面，当时 Upstart 发布了其 2025 年第三季度（&#34;Q3&#34;）的财务结果。Upstart 报告称，2025 年 Q3 收入为 2.77 亿美元，未达到其之前发布的约 2.8 亿美元的 Q3 收入指引，以及共识预期低 262 万美元。Upstart 还报告预计在 2025 年第四季度（&#34;Q4&#34;）仅产生 2.88 亿美元的收入，远低于共识预期的 3.037 亿美元。此外，Upstart 将其 2025 财年收入指引下调至约 10.35 亿美元，而之前的共识预期为 10.6 亿美元，之前的指引为约 10.55 亿美元，以及其预计的 2025 财年费用收入，从约 9.9 亿美元下调至约 9.46 亿美元。</p>
<p>同一天，在相关的财报电话会议上，被告将 Upstart 的失望业绩归咎于 Model 22，他们透露该模型在本季度对宏观经济信号 &#34;反应过度&#34;，导致借款人批准和转化率下降。被告还承认，他们 &#34;故意&#34; 校准了他们的 AI 模型，使其在季度早期 &#34;在信用方面更为保守&#34;，并且 Model 22 对宏观经济信号的 &#34;过度反应&#34; 在本季度将继续对 2025 年 Q4 的收入产生负面影响，导致 Upstart 的 2025 财年财务指引被下调。</p>
<p>在这些披露之后，Upstart 的股价在 2025 年 11 月 5 日下跌 4.49 美元，或 9.71%，收于每股 41.75 美元。</p>
<p>Pomerantz LLP 在纽约、芝加哥、洛杉矶、伦敦、巴黎和特拉维夫设有办事处，被公认为在公司、证券和反垄断集体诉讼领域的顶尖律所之一。该所由已故的亚伯拉罕·L·波梅兰茨创立，他被誉为集体诉讼领域的权威，Pomerantz 开创了证券集体诉讼的领域。今天，85 年后，Pomerantz 继续秉承他所建立的传统，为证券欺诈、信托责任违反和公司不当行为的受害者争取权利。该所已为集体成员追回了数十亿美元的赔偿。请访问 www.pomlaw.com。</p>
<p>律师广告。以往的结果并不保证类似的结果。</p>
<p><strong>联系方式：</strong> Danielle Peyton</p>
<p>Pomerantz LLP</p>
<p>[email protected]</p>
<p>646-581-9980 ext. 7980</p>
<p>来源 Pomerantz LLP</p>
<p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTE0Jk5ld3NJdGVtSWQ9REM2MDQ0OCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MTQyMTUzUFJfTkVXU19VU1BSX19fX19EQzYwNDQ4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTE0Jk5ld3NJdGVtSWQ9REM2MDQ0OCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MTQyMTUzUFJfTkVXU19VU1BSX19fX19EQzYwNDQ4"/></p>

UPST

UPSX

<p>Pomerantz LLP 已在纽约南区美国地方法院对 Upstart Holdings, Inc.及其部分高管提起集体诉讼。诉讼声称违反了与公司 AI 借贷平台及其在 2025 年 5 月 14 日至 2025 年 11 月 4 日期间的财务表现相关的联邦证券法的误导性陈述。投资者需在 2026 年 6 月 8 日之前申请成为首席原告</p>

<p>, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Upstart Holdings, Inc. (&#34;Upstart&#34; or the &#34;Company&#34;) (NASDAQ: UPST) and certain officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 26-cv-02974, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Upstart securities between May 14, 2025 and November 4, 2025, both dates inclusive (the &#34;Class Period&#34;), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.</p>
<div class="lb-trans"><p>，/PRNewswire/ -- Pomerantz LLP 宣布已对 Upstart Holdings, Inc.（&#34;Upstart&#34; 或 &#34;公司&#34;）（NASDAQ: UPST）及某些高管提起集体诉讼。该集体诉讼在美国纽约南区地方法院提起，案号为 26-cv-02974，代表在 2025 年 5 月 14 日至 2025 年 11 月 4 日（包括这两个日期）期间购买或以其他方式获得 Upstart 证券的所有个人和实体（&#34;集体成员&#34;），寻求因被告违反联邦证券法而造成的损害赔偿，并根据 1934 年证券交易法第 10(b) 和 20(a) 条款及其下发布的第 10b-5 条规追求救济，针对公司及其某些高管。</p>
</div><p>If you are an investor who purchased or otherwise acquired Upstart securities during the Class Period, you have until June 8, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.</p>
<div class="lb-trans"><p>如果您是于集体诉讼期间购买或以其他方式获得 Upstart 证券的投资者，您有直到 2026 年 6 月 8 日的时间请求法院任命您为该集体的首席原告。投诉的副本可以在 www.pomerantzlaw.com 获取。如需讨论此诉讼，请联系 Danielle Peyton，电子邮件地址为 [email protected] 或拨打 646-581-9980（或 888.4-POMLAW），免费电话，分机 7980。询问者被鼓励在电子邮件中提供邮寄地址、电话号码和购买的股票数量。</p>
</div><p><strong>[Click here for information about joining the class action]</strong></p>
<div class="lb-trans"><p><strong>[点击此处获取有关加入集体诉讼的信息]</strong></p>
</div><p>Upstart, together with its subsidiaries, operates a cloud-based artificial intelligence (&#34;AI&#34;) lending platform in the United States. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, auto secured personal loans, and home equity lines of credit.</p>
<div class="lb-trans"><p>Upstart 及其子公司在美国运营一个基于云的人工智能（&#34;AI&#34;）借贷平台。其平台包括无担保个人贷款、小额贷款、汽车再融资、汽车零售贷款、汽车担保个人贷款和房屋净值信贷额度。</p>
</div><p>Upstart purportedly uses its proprietary AI models to, <em>inter alia</em>, more accurately quantify the true risk of a loan, a process that it refers to as &#34;risk separation.&#34; The Company claims that this differentiated approach to underwriting has generally led to higher approvals and lower interest rates relative to traditional lending practices, providing more predictable returns to its capital partners, including banks, credit unions, and institutional investors. Defendants periodically calibrate Upstart's AI models to improve accuracy and automation of loan approvals.</p>
<div class="lb-trans"><p>Upstart 据称使用其专有的 AI 模型来更准确地量化贷款的真实风险，这一过程被称为 &#34;风险分离&#34;。公司声称，这种差异化的承保方法通常导致比传统借贷实践更高的批准率和更低的利率，为其资本合作伙伴（包括银行、信用合作社和机构投资者）提供更可预测的回报。被告定期校准 Upstart 的 AI 模型，以提高贷款批准的准确性和自动化程度。</p>
</div><p>In early May 2025, Upstart launched the latest iteration of its AI model, referred to as &#34;Model 22&#34;. At all relevant times, Defendants touted the purported accuracy of Model 22, claiming that it was increasing loan approval rates and, accordingly, the Company's revenues and growth. For example, in February 2025, Upstart issued financial guidance for the full year (&#34;FY&#34;) of 2025, including, <em>inter alia</em>, revenue of approximately $1 billion, which included revenue from fees of approximately $920 million. In May 2025, Defendants slightly raised the foregoing guidance to revenue of approximately $1.01 billion, which still included revenue from fees of approximately $920 million. Then, in August 2025, Defendants substantially raised the foregoing guidance to revenue of approximately $1.055 billion, which included revenue from fees of approximately $990 million – $70 million more than previously projected – citing improvements in performance driven by Model 22.</p>
<div class="lb-trans"><p>在 2025 年 5 月初，Upstart 推出了其 AI 模型的最新版本，称为 &#34;Model 22&#34;。在所有相关时间内，被告宣传 Model 22 的所谓准确性，声称它提高了贷款批准率，从而增加了公司的收入和增长。例如，在 2025 年 2 月，Upstart 发布了 2025 财年的财务指引，包括约 10 亿美元的收入，其中约 9.2 亿美元来自费用。2025 年 5 月，被告稍微提高了上述指引至约 10.1 亿美元的收入，仍然包括约 9.2 亿美元的费用收入。然后，在 2025 年 8 月，被告大幅提高了上述指引至约 10.55 亿美元的收入，其中包括约 9.9 亿美元的费用收入，比之前预测多出 7000 万美元，称这是由于 Model 22 驱动的业绩改善。</p>
</div><p>The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Model 22 frequently overreacted to negative macroeconomic signals in performing its risk-separation processes; (ii) accordingly, Model 22's overall accuracy and propensity to increase loan approval rates was overstated; (iii) Model 22's overly conservative assessment of credit and macroeconomic conditions was having a significant negative impact on Upstart's revenue results, rendering the Company's previously issued FY 2025 revenue guidance unreliable and/or unrealistic; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.</p>
<div class="lb-trans"><p>投诉称，在集体诉讼期间，被告对公司的业务、运营和前景做出了实质性虚假和误导性的陈述。具体而言，被告做出了虚假和/或误导性的陈述和/或未能披露以下内容：（i）Model 22 在执行其风险分离过程时经常对负面的宏观经济信号反应过度；（ii）因此，Model 22 的整体准确性和提高贷款批准率的倾向被夸大；（iii）Model 22 对信用和宏观经济条件的过于保守评估对 Upstart 的收入结果产生了显著的负面影响，使公司之前发布的 2025 财年收入指引不可靠和/或不切实际；（iv）因此，被告的公开声明在所有相关时间内都是实质性虚假和误导的。</p>
</div><p>The truth began to emerge on November 4, 2025, when Upstart issued a press release reporting its financial results for the third quarter (&#34;Q3&#34;) of 2025. Upstart reported, <em>inter alia</em>, Q3 2025 revenue of $277 million, missing its previously issued Q3 2025 revenue guidance of approximately $280 million, as well as consensus estimates by $2.62 million. Upstart also reported that it expected to generate revenue of only $288 million in the fourth quarter (&#34;Q4&#34;) of 2025, significantly below consensus estimates of $303.7 million. Further, Upstart negatively revised its FY 2025 revenue guidance to approximately $1.035 billion, versus the $1.06 billion consensus estimate and its prior guidance of approximately $1.055 billion, as well as its expected FY 2025 revenue from fees, which it reduced to approximately $946 million from its prior outlook of approximately $990 million.</p>
<div class="lb-trans"><p>真相在 2025 年 11 月 4 日开始浮出水面，当时 Upstart 发布了其 2025 年第三季度（&#34;Q3&#34;）的财务结果。Upstart 报告称，2025 年 Q3 收入为 2.77 亿美元，未达到其之前发布的约 2.8 亿美元的 Q3 收入指引，以及共识预期低 262 万美元。Upstart 还报告预计在 2025 年第四季度（&#34;Q4&#34;）仅产生 2.88 亿美元的收入，远低于共识预期的 3.037 亿美元。此外，Upstart 将其 2025 财年收入指引下调至约 10.35 亿美元，而之前的共识预期为 10.6 亿美元，之前的指引为约 10.55 亿美元，以及其预计的 2025 财年费用收入，从约 9.9 亿美元下调至约 9.46 亿美元。</p>
</div><p>The same day, during a related earnings call, Defendants blamed Upstart's disappointing results on Model 22, which they revealed had &#34;overreact[ed]&#34; to macroeconomic signals in the quarter, reducing borrower approvals and conversion rates. Defendants also acknowledged that they had &#34;knowingly&#34; calibrated their AI model to be &#34;more conservative on the credit side in earlier parts of the quarter&#34;, and that the negative impacts of Model 22's &#34;overresponsive[ness]&#34; to macroeconomic signals in the quarter would continue to negatively impact revenues in Q4 2025, resulting in Upstart's negatively revised FY 2025 financial guidance.</p>
<div class="lb-trans"><p>同一天，在相关的财报电话会议上，被告将 Upstart 的失望业绩归咎于 Model 22，他们透露该模型在本季度对宏观经济信号 &#34;反应过度&#34;，导致借款人批准和转化率下降。被告还承认，他们 &#34;故意&#34; 校准了他们的 AI 模型，使其在季度早期 &#34;在信用方面更为保守&#34;，并且 Model 22 对宏观经济信号的 &#34;过度反应&#34; 在本季度将继续对 2025 年 Q4 的收入产生负面影响，导致 Upstart 的 2025 财年财务指引被下调。</p>
</div><p>Following these disclosures, Upstart's stock price fell $4.49 per share, or 9.71%, to close at $41.75 per share on November 5, 2025.</p>
<div class="lb-trans"><p>在这些披露之后，Upstart 的股价在 2025 年 11 月 5 日下跌 4.49 美元，或 9.71%，收于每股 41.75 美元。</p>
</div><p>Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.</p>
<div class="lb-trans"><p>Pomerantz LLP 在纽约、芝加哥、洛杉矶、伦敦、巴黎和特拉维夫设有办事处，被公认为在公司、证券和反垄断集体诉讼领域的顶尖律所之一。该所由已故的亚伯拉罕·L·波梅兰茨创立，他被誉为集体诉讼领域的权威，Pomerantz 开创了证券集体诉讼的领域。今天，85 年后，Pomerantz 继续秉承他所建立的传统，为证券欺诈、信托责任违反和公司不当行为的受害者争取权利。该所已为集体成员追回了数十亿美元的赔偿。请访问 www.pomlaw.com。</p>
</div><p>Attorney advertising. Prior results do not guarantee similar outcomes.</p>
<div class="lb-trans"><p>律师广告。以往的结果并不保证类似的结果。</p>
</div><p><strong>CONTACT:</strong> Danielle Peyton</p>
<div class="lb-trans"><p><strong>联系方式：</strong> Danielle Peyton</p>
</div><p>Pomerantz LLP</p>
<div class="lb-trans"><p>Pomerantz LLP</p>
</div><p>[email protected]</p>
<div class="lb-trans"><p>[email protected]</p>
</div><p>646-581-9980 ext. 7980</p>
<div class="lb-trans"><p>646-581-9980 ext. 7980</p>
</div><p>SOURCE Pomerantz LLP</p>
<div class="lb-trans"><p>来源 Pomerantz LLP</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTE0Jk5ld3NJdGVtSWQ9REM2MDQ0OCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MTQyMTUzUFJfTkVXU19VU1BSX19fX19EQzYwNDQ4" alt="" original-src="https://rt.prnewswire.com/rt.gif?NewsItemId=DC60448&amp;Transmission_Id=202605142153PR_NEWS_USPR_____DC60448&amp;DateId=20260514"/></p>

21:53 ET Pomerantz 律师事务所宣布对 Upstart Holdings, Inc.及部分高管提起集体诉讼 - UPST