Overview

A class action lawsuit has been filed against Upstart Holdings, Inc. (“Upstart” or the “Company”) (NASDAQ : UPST) and certain of the Company’s senior executives (collectively, “Defendants”), alleging violations of the federal securities laws. The Upstart lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Upstart securities between May 14, 2025, and November 4, 2025, both dates inclusive (the “Class Period”). Investors have until June 8, 2026, to seek appointment as lead plaintiff of the Upstart class action lawsuit.

Upstart operates a cloud-based AI lending platform in the U.S. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, auto secured personal loans, and home equity lines of credit.

The complaint alleges that throughout the Class Period, Defendants made false and misleading statements and omissions of material fact regarding the performance of the Company’s lending model, known as “Model 22.”  Specifically, Defendants 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; and (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.

The truth was revealed on November 4, 2025, when Upstart issued a press release reporting its financial results for the third quarter (“Q3”) of 2025. Upstart reported Q3 2025 revenue of $277 million, missing its previously issued Q3 2025 revenue guidance as well as consensus estimates.  On this news, Upstart’s stock price fell $4.49 per share, or nearly 10%, to close at $41.75 per share on November 5, 2025.

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If you purchased or otherwise acquired Upstart securities between May 14, 2025, and November 4, 2025, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Upstart class action lawsuit is June 8, 2026.