Buy-Now, Pay-Later Lender Sued Over Tweet About Its Financials

Affirm Holdings Inc. posted a misleading Twitter message that contained only partial information about its financial condition, a shareholder says in a derivative complaint against several officers and directors of the “buy now, pay later” lender.

Affirm’s share price spiked 10% during two hours of trading in February, only to drop about 32% when the company replaced the tweet with a link to more complete information about its performance, Ron Williams says in his lawsuit filed Sept. 16 in the U.S. District Court for the Northern District of California.

The San Francisco-based lender offers small loans to consumers for purchases, ...