Affirm, a point-of-sale microlender that offers installment loans to retail shoppers, CEO Max Levchin and CFO Michael Linford were slapped with a securities class action on Thursday in California Northern District Court. The suit contends that the defendants’ ‘buy-now, pay-later’ business model has caused excessive consumer debt, regulatory arbitrage and data harvesting, resulting in costly regulatory oversight. The complaint was filed by Pomerantz LLP and Bronstein Gewirtz & Grossman. Counsel have not yet appeared for the defendants. The case is 3:22-cv-07770, Kusnier v. Affirm Holdings Inc. et al.
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