NEW YORK, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against loanDepot, Inc. (“loanDepot” or the “Company”) (NYSE: LDI) in the United States District Court for the Central District of California on behalf of those who purchased or otherwise acquired loanDepot publicly traded securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with loanDepot’s February 16, 2021 initial public offering (the “IPO” or “Offering”).
According to the Complaint, the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (i) the Company’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (ii) the Company’s gain-on-sale margins had already declined substantially at the time of the IPO; (iii) as a result, the Company’s revenue and growth would be negatively impacted; and (iv) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares of loanDepot pursuant and/or traceable to the Registration Statement issued in connection with loanDepot’s February 16, 2021 IPO should contact the Firm prior to the November 8, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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