Affirm Holdings Inc, a U.S. provider of installment loans to online shoppers, said on Wednesday it sold shares in its initial public offering (IPO) at $49 apiece, above its target range, to raise $1.2 billion.
Lending startup Affirm Holdings Inc is aiming for a valuation of more than $10 billion in its stock market launch after an upward revision in price range, signaling a busy initial public offering season for the U.S. capital markets.
The complaint, which names Ripple CEO
Bradley Garlinghouse and former CEO and co-founder
Christian Larsen, alleges the company’s XRP token constituted an unregistered securities offering, and that the two engaged in insider trading worth $1.3 billion.
“We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system,” Stephanie Avakian, director of the SEC’s Enforcement Division, said in a statement.
According to the complaint, Garlinghouse falsely told traders that he was “very long” in the currency meaning he was not selling it even as he Larsen “personally profited by approximately $600 million” from their trades.
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