Breaking News: Pomerantz LLP Files Class Action Lawsuit Against Ready Capital Corporation
New York, NY – In a shocking turn of events, Pomerantz LLP, a renowned securities litigation firm, announced the filing of a class action lawsuit against Ready Capital Corporation (“Ready” or the “Company”) (NYSE:RC). The lawsuit alleges that Ready and certain of its top executives violated the Securities Exchange Act of 1934.
Allegations Against Ready Capital Corporation
The complaint filed in the United States District Court for the Southern District of New York alleges that Ready and its executives made false and misleading statements regarding the Company’s financial condition and business prospects. Specifically, the lawsuit alleges that the defendants failed to disclose material information regarding:
- The true financial condition of certain of Ready’s real estate investment trusts (“REITs”),
- The impact of regulatory investigations on the Company’s business,
- The Company’s ability to meet its financial obligations, and
- The role of certain related parties in the Company’s business operations.
As a result of these alleged false statements, Ready’s stock traded at artificially inflated prices between February 10, 2021 and October 29, 2021, according to the complaint.
Impact on Individual Investors
If you are an investor in Ready Capital Corporation who purchased or otherwise acquired securities between February 10, 2021 and October 29, 2021, you may be entitled to join the class action lawsuit as a lead plaintiff. The lead plaintiff is a court-appointed representative who acts on behalf of all members of the class. The lead plaintiff will be determined based on the most significant financial investment in the securities or the largest loss.
To be eligible for inclusion in the class, you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent class member. The class is represented by Pomerantz LLP, with Danielle Peyton serving as lead counsel. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Danielle Peyton, Esq., of Pomerantz LLP, at [email protected], or call (646) 581-9980, toll-free at (888) 4-POMLAW, Ext. 9980.
Impact on the World
The filing of this class action lawsuit against Ready Capital Corporation is significant as it highlights the importance of transparency and accuracy in financial reporting. The allegations against Ready serve as a reminder that companies and their executives must provide truthful and accurate information to investors, failing which they may face severe consequences.
Furthermore, this lawsuit could have far-reaching implications for the REIT industry as a whole, as it raises questions about the financial reporting practices of other REITs and the regulatory oversight of the industry. The outcome of this lawsuit could set a precedent and potentially lead to increased scrutiny and regulation of the REIT industry.
Conclusion
The filing of the class action lawsuit against Ready Capital Corporation is a notable development in the securities litigation landscape. The allegations against the Company and its executives underscore the importance of truthful and accurate financial reporting. As an investor, it is crucial to stay informed about the companies in which you have invested and to seek legal recourse if you believe you have been wronged.
For those who have invested in Ready Capital Corporation between February 10, 2021 and October 29, 2021, this lawsuit offers an opportunity to seek justice and potentially recover losses. If you are a concerned investor, we encourage you to contact Pomerantz LLP to discuss your options.
Stay tuned for further updates on this developing story.
