#USA #Los Angeles #Securities Fraud #Glancy Prongay #Ready Capital

Investors Have a Chance to Lead Fraud Lawsuit Against Ready Capital Corporation

In a significant legal development for investors affected by the recent performance of Ready Capital Corporation (NYSE: RC), those who incurred losses now have the opportunity to take the lead in a class action lawsuit targeting alleged securities fraud.

What Happened?

The lawsuit, announced by the law firm Glancy Prongay & Murray LLP, centers on claims that from November 7, 2024, to March 2, 2025, Ready Capital failed to disclose critical information regarding its portfolio. Investors are alleging that the company did not reveal that certain non-performing loans in its commercial real estate (CRE) portfolio were unlikely to be collectible.

Moreover, the lawsuit contends that the company made misleading statements about its financial health and the stability of its operations. Specifically, investors are being urged to participate in the lawsuit before the deadline on May 5, 2025, which marks the cut-off for leading the class action.

Key Allegations

The complaint outlines several key allegations against Ready Capital:
1. Non-Performing Loans: The report asserts that significant non-performing loans were not likely to be collectible, which was not communicated to investors.
2. Financial Reserves: Ready Capital purportedly intended to establish full reserves for these problem loans in an effort to 'stabilize' its CRE portfolio, information that was not disclosed promptly.
3. Misleading Financial Statements: The firm argues that these undisclosed issues would adversely affect the company's financial outcomes, challenging the positive public statements made by Ready Capital regarding its business and future prospects.
4. Misleading Statements: The lawsuit claims that the defendants' communications regarding the company's operations were materially misleading and lacked a factual basis, thereby inflicting harm on investor interests.

How to Get Involved

If you invested in Ready Capital and faced losses, participating in this class action lawsuit may be an essential step towards seeking justice and potential compensation. Interested investors are encouraged to contact Glancy Prongay & Murray LLP for more information on how they can join the action. The firm has made it clear that investors do not need to take immediate action and may retain their counsel or opt to remain absent from the class.

Contact Information

Investors can reach out to:
Charles Linehan, Esq.
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Email: [email protected]
Phone: 310-201-9150 (Toll-Free: 888-773-9224)
Website: www.glancylaw.com

For updates on the lawsuit and further developments, investors can follow the firm on LinkedIn, Twitter, and Facebook.

Given the complexity and serious nature of this issue, it is vital that affected investors consider participating in this class action lawsuit to protect their interests. Time is of the essence, as the deadline to act is fast approaching! Don't miss your chance to join those leading the fight for accountability in the financial sector.