IMPORTANT LOAN DEPOT INC. INVE
SAN DIEGO, Sept. 7, 2021 (GLOBE NEWSWIRE) – Bottini & Bottini, Inc., a law firm specializing in securities class actions, announces that it has filed a class action lawsuit on behalf of all those who acquired the common stock from LOAN DEPOT, Inc. (: “LDI”) pursuant to the registration statement issued in connection with the company’s initial public offering on February 16, 2021 (“IPO”). The lawsuit, pending in the US District Court for the Central District of California, seeks damages under federal securities laws for those who purchased LOAN DEPOT stock.
Investors who bought Loan Depot shares anytime between February 16, 2021 and September 3, 2021 and any losses incurred are urged to contact the company immediately [email protected] or (858) 914-2001. Bottini & Bottini represents customers on a contingency fee basis. You can find more information about the campaign on our website, www.bottinilaw.com.
If you bought shares in LOAN DEPOT Holdings, Inc. and as the lead plaintiff want to support the case, you must by November 6, 2021 at the latest, request that the court appoint you as a lead plaintiff in the proposed group.
The lawsuit alleges Loan Depot violated the Securities Act of 1933 because the registration statement failed to disclose: (1) The company’s lending had declined significantly at the time of the IPO due to overcapacity in the industry and increased competition ; (2) that the company’s profit margins were already significantly lower at the time of the IPO; (3) that this would adversely affect the company’s sales and growth; (4) that the company was already forced to embark on a significant cost-cutting plan due to the significantly lower growth and refinancing orders it experienced; and (5) that, based on the foregoing, Defendants’ positive statements about the business, operations, and prospects of the Company were materially misleading and / or improperly based.
After going public, Loan Depot’s stock fell immediately, falling below $ 8 per share less than six months after going public – a decrease of over 42% from its IPO.
If you would like to join the litigation or discuss your interests in this lawsuit, please contact Frank A. Bottini of Bottini & Bottini at (858) 914-2001 or [email protected].
Bottini & Bottini, Inc.
Frank A. Bottini, Esq.
E-mail: [email protected]
Tel: (858) 914-2001
SOURCE: Bottini & Bottini, Inc.