NEW YORK, July 27, 2021 (GLOBE NEWSWIRE) -- Abraham, Fruchter & Twersky LLP is investigating claims on behalf of shareholders of Rocket Companies, Inc. (“Rocket” or the “Company”) for potential violations of the federal securities laws. Investors who purchased the Company’s securities between February 25, 2021 and May 5, 2021, inclusive (the “Class Period”), are encouraged to contact the firm before August 30, 2021.
If you would like to discuss this class action lawsuit or obtain more information about your rights, please contact Abraham, Fruchter & Twersky LLP by contacting Sean M. Handron-O’Brien at SHandronobrien@aftlaw.com or by calling (212) 279-5050.
On May 5, 2021, Rocket issued a press release announcing its first quarter results and second quarter outlook. Rocket reported that it was on track to achieve closed loan volume within a range of only $82.5 billion and $87.5 billion and gain on sale margins within a range of only 2.65% to 2.95% for the second quarter of 2021. At the mid-point, this gain on sale margin estimate equated to a 239basis point decline year-over-year and a 94basis point decline sequentially, which represented the Company’s lowest quarterly gain on sale margin in two years. On this news, Rocket’s Class A common stock price fell $3.79 per share, or 16.62%, to close at $19.01 per share on May 6, 2021. As the market continued to digest the news in the days that followed, Rocket’s Class A common stock price continued to decline, falling to a low of just $16.48 per share by May 11, 2021.
Abraham, Fruchter & Twersky LLP is a law firm based in New York and maintaining an office in California. The firm’s attorneys have extensive experience litigating on behalf of shareholders in class action litigations involving corporate misconduct and has been ranked as a leading plaintiffs’ securities litigation firm in the 2020 survey by ISS Securities Class Action Services. Please visit www.aftlaw.com for more information.
Contact
Abraham, Fruchter & Twersky LLP
Sean M. Handron-O’Brien | SHandronobrien@aftlaw.com