Glancy Prongay & Murray Files Class Action Lawsuit Against Ready Capital Corporation
In a recent development, Glancy Prongay & Murray LLP (GPM), a leading national shareholder rights law firm, announced the filing of a class action lawsuit in the United States District Court for the Southern District of New York. The lawsuit, named Quinn v. Ready Capital Corporation, et al., Case No. 25-cv-1883, was filed on behalf of all persons and entities who purchased or otherwise acquired Ready Capital Corporation (Ready Capital or the Company) (NYSE: RC) common stock between November 7, 2024, and March 2, 2025, inclusive (the “Class Period”).
Allegations Against Ready Capital
The complaint alleges that Ready Capital and certain of its executives violated the Securities Exchange Act of 1934 by making false and misleading statements to the market. The lawsuit alleges that the defendants failed to disclose material information regarding the Company’s financial condition and business prospects, particularly with respect to its commercial real estate loan portfolio.
Impact on Ready Capital Shareholders
The lawsuit alleges that during the Class Period, Ready Capital made false and misleading statements regarding its financial condition and business prospects. Specifically, the defendants allegedly failed to disclose that the Company’s commercial real estate loan portfolio contained significant risks, including a high concentration of loans to risky borrowers and properties in declining markets. As a result, Ready Capital stock traded at artificially inflated prices during the Class Period.
If the allegations are true, investors who purchased Ready Capital common stock during the Class Period may be able to recover their losses. The lawsuit seeks to recover damages on behalf of the Class, which includes all persons and entities who purchased or otherwise acquired Ready Capital common stock during the Class Period.
Impact on the World
The filing of this class action lawsuit against Ready Capital is significant because it highlights the importance of accurate and transparent financial reporting. Investors rely on this information to make informed decisions about where to invest their money. When companies fail to disclose material information, it can lead to artificially inflated stock prices and significant losses for shareholders.
Moreover, the lawsuit could have wider implications for the commercial real estate industry as a whole. If the allegations are true, it could lead to increased scrutiny of other companies in the industry and potential regulatory action.
Conclusion
In conclusion, the filing of this class action lawsuit against Ready Capital is an important development for investors and the commercial real estate industry. If the allegations are true, it could lead to significant losses for Ready Capital shareholders and potential regulatory action. It also highlights the importance of accurate and transparent financial reporting, which is essential for investors to make informed decisions.
- Glancy Prongay & Murray LLP has filed a class action lawsuit against Ready Capital Corporation.
- The lawsuit alleges that Ready Capital and certain executives violated the Securities Exchange Act of 1934.
- The lawsuit was filed on behalf of all persons and entities who purchased or otherwise acquired Ready Capital common stock between November 7, 2024, and March 2, 2025.
- The allegations include the failure to disclose material information regarding the Company’s financial condition and business prospects.
- If the allegations are true, investors who purchased Ready Capital common stock during the Class Period may be able to recover their losses.
- The lawsuit could have wider implications for the commercial real estate industry and potential regulatory action.
