STEVENSON, Md., Sept. 02, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of On Deck Capital, Inc. (“On Deck” or the “Company”) (NYSE:ONDK) common stock pursuant or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with On Deck’s December 17, 2014 initial public stock offering (the “IPO”). Investors who wish to become proactively involved in the litigation have until October 5, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in On Deck common stock pursuant to or in connection with the IPO, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in the Registration Statement issued in connection with the IPO that the true rate of default for the Company’s loan portfolio was steadily increasing and that the true value of the Company’s loan portfolio was in material decline.
According to the complaint, following news reports of rising default rates and declining value of its business model on February 11, 2015 and March 18, 2015, On Deck shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.