Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Home Point Capital, Inc. and Encourages Investors to Contact the Firm
NEW YORK, Aug 14, 2021 – (BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Michigan by investors who have purchased American Depositary Shares (“ADSs”) of Home Point Capital, Inc. (NASDAQ: HMPT) pursuant to the Company’s initial public offering on or about January 29, 2021 (the “IPO” “or” Offering “). Investors have until August 20, 2021 to apply to the court for appointment as the lead plaintiff in the litigation.
Click here to take part in the promotion.
Home Point Capital operates as an originator and service provider for residential mortgages.
On January 29, 2021, Home Point Capital went public and issued 7.25 million common shares of Home Point Capital to the public at an offering price of $ 13.00 per share. The net proceeds of the offering were approximately $ 88 million.
On May 6, 2021, Home Point Capital published a press release announcing Home Point Capital’s financial results for the first quarter of 2021. Among other things, Home Point Capital reported revenues of $ 324.2 million and missed consensus estimates by $ 41.72 million. Following the news, Home Point Capital’s share price fell nearly 18% to close at $ 7.70 per share.
According to the lawsuit, throughout the class action period, defendants made false and / or misleading statements and / or failed to disclose: (1) Home Point’s aggressive expansion with its brokerage partners would dramatically increase Home Point’s spending; (2) the mortgage industry expected lower profit margins across the industry due to rising interest rates in 2021, and Home Point would face the same competitive pressures; (3) accordingly, Home Point had overstated its business and financial prospects; and (4) as a result, the Offer Documents were materially inaccurate and / or misleading and did not contain any information to be disclosed therein. When the real details hit the market, the lawsuit claims that investors have suffered damage.
The story goes on
If you acquired and / or attributed to Home Point Capital ADSs in the IPO and suffered a loss, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters Please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagle & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents private and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005435/en/
Bragar Adler & Knappe, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.