GreenSky Investors Ask Court for Class Status in IPO Suit

GreenSky Inc. investors who accused the fintech firm of misleading them during its $1 billion 2018 initial public offering asked a New York federal district judge to certify their proposed class.

The online loan application platform allegedly didn’t tell investors that its revenue would drop when it shifted toward partnering with healthcare companies instead of the solar panel industry. GreenSky earned 87% of its 2017 revenue through transaction fees, and charged solar panel merchants about twice as much as the average transaction fee for other companies, the complaint said.

Investors asked Judge Alvin K. Hellerstein of the U.S. District Court ...