Fair Isaac Corporation Investigation - FICO

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Fair Isaac Corporation (NYSE: FICO)

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1.I have reviewed a complaint filed in the action.

2.I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3.I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4.My transaction(s) in which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5.Within the last 3 years,

6.I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Fair Isaac Corporation. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

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Fair Isaac Corporation Investigation Details

Fair Isaac Corporation shareholders lost money when the stock fell sharply after the Federal Housing Finance Agency announced it would simplify mortgage pricing and potentially allow a direct competitor to the Company's credit score into mortgage underwriting. Following the FHFA announcement, Rocket Mortgage issued a press release, announcing it will be using VantageScore 4.0, a direct competitor to the classic FICO score, as its preferred scoring model going forward following months of testing and alleged finding that it “helped more qualified clients,” than FICO. The next morning, on September 29, 2026, FICO opened down more than 20% on the news. Investors seemingly viewed the policy shift and announcement from Rocket Mortgage as structural risks to the Company's near-monopoly in mortgage underwriting, with potential erosion of pricing power, fee income, and its competitive moat. Previously, during FICO's second quarter earnings call on April 28, 2026, Chief Executive Officer Will Lansing indicated that FICO "anticipate\[d\] no loss of volume to Vantage in this fiscal year." Similarly, during a Barclay's conference presentation on May 5, 2026, he questioned whether “Vantage gets any share at all,” even if they were approved." Then, on the subsequent third quarter earnings call on July 29, 2026, CEO Lansig suggested that, while VantageScore might get up to 20% of the share, it was only useful when “gaming” the system, and customers would still “need to pull both a FICO Score and a VantageScore if you’re going to do the gaming.” The investigation concerns whether Fair Isaac Corporation adequately disclosed the regulatory and competitive risks posed by potential changes to mortgage pricing and underwriting guidelines ahead of the Federal Housing Finance Agency's and Rocket Mortgage's announcements.

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