NEW YORK, October 19, 2021--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors that securities class action lawsuits have been filed against loanDepot, Inc. (NYSE: LDI) ("LoanDepot" or the "Company") and certain other defendants, alleging violations of §§11 and 15 of the Securities Act of 1933. If you purchased shares of LoanDepot pursuant and/or traceable to LoanDepot’s initial public offering ("IPO"), and have suffered a loss, realized or unrealized, you are encouraged to contact Jonathan Zimmerman for additional information at (888) 398-9312 or firstname.lastname@example.org. The lead plaintiff deadline is November 8, 2021.
LoanDepot held its IPO in February 2021, selling 3,850,000 shares of Class A common stock 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 omitted to state that: (i) LoanDepot’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (ii) LoanDepot’s gain-on-sale margins had already declined substantially at the time of the IPO; (iii) as a result, LoanDepot’s revenue and growth would be negatively impacted; and (iv) consequently, defendants’ positive statements about LoanDepot’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
By August 17, 2021, LoanDepot’s stock price fell to $8.07 per share – down more than 42% from the $14 IPO price. It trades even lower today.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is November 8, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased LoanDepot stock between February 11 and August 10, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or email@example.com.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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