SAN DIEGO–(BUSINESS WIRE)–The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Ready Capital Corporation (NYSE: RC) common stock between November 7, 2024 and March 2, 2025, inclusive (the “Class Period”), have until May 5, 2025 to seek appointment as lead plaintiff of the Ready Capital class action lawsuit. Captioned Quinn v. Ready Capital Corporation, No. 25-cv-01883 (S.D.N.Y.), the Ready Capital class action lawsuit charges Ready Capital and certain of Ready Capital’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Ready Capital class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-ready-capital-corporation-class-action-lawsuit-rc.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Ready Capital operates as a real estate finance company.
The Ready Capital class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) significant non-performing loans in its commercial real estate (“CRE”) portfolio were not likely to be collectible; (ii) Ready Capital would fully reserve these problem loans in order to “stabilize” its CRE portfolio; (iii) this was not accurately reflected in Ready Capital’s current expected credit loss or valuation allowances; and (iv) as a result, Ready Capital’s financial results would be adversely affected.
The Ready Capital class action lawsuit further alleges that on March 3, 2025, Ready Capital reported fourth quarter 2024 net loss of $1.80 per share and full year 2024 net loss of $2.52 per share, explaining that Ready Capital had to take “decisive actions to stabilize” its “balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio.” This included, among other actions, taking $284 million in combined Current Expected Credit Loss and valuation allowances to mark Ready Capital’s non-performing loans to current value, according to the complaint. The Ready Capital class action lawsuit alleges that on this news, the price of Ready Capital common stock fell nearly 27%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Ready Capital common stock during the Class Period to seek appointment as lead plaintiff in the Ready Capital class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Ready Capital class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ready Capital class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Ready Capital class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Past results do not guarantee future outcomes.
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Contacts
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
