Fintech GreenSky Faces Class Actions Over Post-IPO Price Drop

Two investors who have seen a 60 percent price drop in their shares of GreenSky, Inc., have filed class actions in New York against the fintech lender.

The plaintiffs allege GreenSky’s senior executives and the underwriters of its IPO failed to adequately disclose material facts about the company’s business plans and primary revenue streams that would have impacted investors’ decision to purchase shares.

Atlanta-based GreenSky provides unsecured consumer financing at the checkout line for big-ticket items like home improvement projects, solar panels and elective healthcare procedures like plastic surgery or orthodontics. The point-of-sale lender earns money from the transaction fees ...