Pomerantz Law Firm Files Class Action Against Ready Capital Corporation for Investor Losses
Pomerantz Law Firm Takes Action Against Ready Capital
In an important development for investors, Pomerantz LLP, a renowned firm in corporate and securities law, has filed a class action lawsuit against Ready Capital Corporation (NYSE: RC). This lawsuit is aimed at protecting the interests of investors who have suffered losses during the specified class period due to alleged securities fraud and other unlawful business practices.
Investors are encouraged to connect with Pomerantz LLP if they have faced losses related to their investments in Ready Capital. Danielle Peyton, a representative from the firm, has made it clear that individuals who have acquired Ready securities during the class period need to act quickly to assert their rights. Interested parties can reach out to her at [email protected] or call her directly at 646-581-9980, using the toll-free number 888.4-POMLAW for inquiries.
The class action revolves around serious allegations of securities fraud, whereby some officers and directors of the company may have engaged in misleading business practices that ultimately harmed investors. This legal action pushes for accountability and seeks to protect the rights of those who have faced significant financial setbacks.
Recently, Ready Capital disclosed disheartening financial results for the fourth quarter and full year of 2024. The company reported a staggering net loss of $1.80 per share for the fourth quarter and a total loss of $2.52 for the entire year. The company's executives explained that difficult decisions were made to stabilize the balance sheet, including fully reserving all nonperforming loans in their commercial real estate portfolio.
To tackle the challenges, Ready reportedly marked down non-performing loans to reflect current market values, resulting in a combined Current Expected Credit Loss (CECL) and valuation allowances totalling $284 million. As a consequence of these revelations, Ready's stock price plummeted by 26.84% on March 3, bringing it down to just $5.07 per share. Such drastic changes have only amplified investor concerns, making the current lawsuit even more pertinent.
For those affected, there is an impending deadline: May 5, 2025, is the cutoff date for individuals wishing to petition the court to be designated as Lead Plaintiffs for the case. This critical step allows investors to play a proactive role in the proceedings and help direct the course of the class action. A complete copy of the filed complaint can be accessed through the Pomerantz Law Firm's official website, www.pomerantzlaw.com.
Pomerantz LLP stands as a leader in the realm of corporate, securities, and antitrust class litigation. Established by the late Abraham L. Pomerantz, known as a pioneer in securities class action law, the firm has built a solid reputation over its 85-year history. Not only has it garnered recognition for its comprehensive approach to investor protection, but it has also successfully recovered millions in damages for its clients, underscoring its commitment to fighting against securities fraud and corporate misconduct.
In summary, as the situation unfolds, investors who have been adversely affected by Ready Capital Corporation's business practices have a vital opportunity to join the class action lawsuit led by Pomerantz LLP. This legal endeavor aims to ensure that the rights of investors are upheld and that accountability is enforced for any unlawful actions that may have occurred.
Stay informed and prepared to take action, as the deadlines approach, and consider reaching out to Pomerantz LLP for further guidance and support.
In an important development for investors, Pomerantz LLP, a renowned firm in corporate and securities law, has filed a class action lawsuit against Ready Capital Corporation (NYSE: RC). This lawsuit is aimed at protecting the interests of investors who have suffered losses during the specified class period due to alleged securities fraud and other unlawful business practices.
The Background of the Case
Investors are encouraged to connect with Pomerantz LLP if they have faced losses related to their investments in Ready Capital. Danielle Peyton, a representative from the firm, has made it clear that individuals who have acquired Ready securities during the class period need to act quickly to assert their rights. Interested parties can reach out to her at [email protected] or call her directly at 646-581-9980, using the toll-free number 888.4-POMLAW for inquiries.
The class action revolves around serious allegations of securities fraud, whereby some officers and directors of the company may have engaged in misleading business practices that ultimately harmed investors. This legal action pushes for accountability and seeks to protect the rights of those who have faced significant financial setbacks.
Financial Snapshot and Impact
Recently, Ready Capital disclosed disheartening financial results for the fourth quarter and full year of 2024. The company reported a staggering net loss of $1.80 per share for the fourth quarter and a total loss of $2.52 for the entire year. The company's executives explained that difficult decisions were made to stabilize the balance sheet, including fully reserving all nonperforming loans in their commercial real estate portfolio.
To tackle the challenges, Ready reportedly marked down non-performing loans to reflect current market values, resulting in a combined Current Expected Credit Loss (CECL) and valuation allowances totalling $284 million. As a consequence of these revelations, Ready's stock price plummeted by 26.84% on March 3, bringing it down to just $5.07 per share. Such drastic changes have only amplified investor concerns, making the current lawsuit even more pertinent.
What Affected Investors Should Do
For those affected, there is an impending deadline: May 5, 2025, is the cutoff date for individuals wishing to petition the court to be designated as Lead Plaintiffs for the case. This critical step allows investors to play a proactive role in the proceedings and help direct the course of the class action. A complete copy of the filed complaint can be accessed through the Pomerantz Law Firm's official website, www.pomerantzlaw.com.
Reputation of Pomerantz LLP
Pomerantz LLP stands as a leader in the realm of corporate, securities, and antitrust class litigation. Established by the late Abraham L. Pomerantz, known as a pioneer in securities class action law, the firm has built a solid reputation over its 85-year history. Not only has it garnered recognition for its comprehensive approach to investor protection, but it has also successfully recovered millions in damages for its clients, underscoring its commitment to fighting against securities fraud and corporate misconduct.
In summary, as the situation unfolds, investors who have been adversely affected by Ready Capital Corporation's business practices have a vital opportunity to join the class action lawsuit led by Pomerantz LLP. This legal endeavor aims to ensure that the rights of investors are upheld and that accountability is enforced for any unlawful actions that may have occurred.
Stay informed and prepared to take action, as the deadlines approach, and consider reaching out to Pomerantz LLP for further guidance and support.
Topics Financial Services & Investing）
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