NEW YORK–(COMMERCIAL THREAD) – Scott + Scott Attorneys at Law LLP (“Scott + Scott”), an international shareholder and consumer rights litigation firm, reminds investors that securities class actions have been filed against LoanDepot, Inc. ( NYSE: LDI) (“LoanDepot” or the “Company”) and certain other defendants, alleging violations of Â§Â§ 11 and 15 of the Securities Act of 1933. If you have purchased LoanDepot shares in accordance with and / or traceable to LoanDepot’s Initial Public Offering (âIPOâ) and have suffered a loss, realized or unrealized, you are encouraged to contact Jonathan Zimmerman for further information at (888) 398-9312 or [email protected]. The lead applicant deadline is November 8, 2021.
LoanDepot held its IPO in February 2021, selling 3,850,000 Class A common shares to the public at a price of $ 14 per share.
The lawsuits allege that the offering documents filed in connection with LoanDepot’s IPO were materially false and misleading and failed to indicate that: (i) LoanDepot’s refinancing operations had already declined significantly at the time of the listing. ‘IPO due to industry overcapacity and increased competition; (ii) the profit margins on the sale of LoanDepot had already declined considerably at the time of the IPO; (iii) as a result, LoanDepot’s revenues and growth would be adversely affected; and (iv) therefore, the positive statements by the defendants about the business, operations and prospects of LoanDepot were materially misleading and / or lacked a reasonable basis.
On August 17, 2021, the LoanDepot share price fell to $ 8.07 per share, down more than 42% from the IPO price of $ 14. It is trading even lower today.
Lead Applicant Deadline
The lead applicant’s deadline in this action is November 8, 2021. Any proposed Class member may seek to serve as a Principal Complainant through any lawyer of their choice, or may choose to do nothing and remain a member of the proposed Class.
What you can do
If you bought Stock LoanDepot between February 11 and August 10, 2021, or if you have any questions regarding this notice or your legal rights, we encourage you to contact attorney Jonathan Zimmerman at (888) 398-9312 or [email protected]
About Scott + Scott
Scott + Scott has extensive experience in pursuing major securities, antitrust and consumer rights actions across the United States. The company represents pension funds, foundations, individuals and other entities around the world with offices in New York, London, Amsterdam, Connecticut, California, Virginia and Ohio.
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