Investors with losses of $50,000 or more are encouraged to contact the firm, click here to submit your trade information
LOS ANGELES, July 29, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Velocity Financial, Inc. f/k/a Velocity Financial, LLC (NYSE:VEL) investors that acquired shares pursuant and/or traceable to the Registration Statement and Prospectus (the "Offering Materials") issued in connection with Velocity's January 2020 initial public offering ("IPO").
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
The complaint filed in this class action alleges that defendants failed to disclose that, at the time of the IPO, the Company's non-performing loans had dramatically increased in size from the figures provided in the IPO offering materials.
The lawsuit further alleges that defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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