ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against loanDepot, Inc. (LDI)

September 14, 2021 GMT

BENSALEM, Pa.--(BUSINESS WIRE)--Sep 14, 2021--

Law Offices of Howard G. Smith reminds investors of the upcoming November 8, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased loanDepot, Inc. (“loanDepot” or the “Company”) (NYSE: LDI ) shares pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with loanDepot’s February 16, 2021 initial public offering (“IPO”).

Investors suffering losses on their loanDepot investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

ADVERTISEMENT

In February 2021, loanDepot completed its initial public offering (“IPO”), selling 3.85 million shares of Class A common stock at $14.00 per share.

By August 17, 2021, loanDepot’s stock price fell 42% below the IPO price after the Company disclosed disappointing second quarter 2021 financial results and provided significantly lower guidance for its business.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) loanDepot’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (2) loanDepot’s gain-on-sale margins had already declined substantially at the time of the IPO; (3) as a result, loanDepot’s revenue and growth would be negatively impacted; and (4) 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 at all relevant times.

ADVERTISEMENT

If you purchased or otherwise acquired loanDepot shares pursuant and/or traceable to the IPO, you may move the Court no later than November 8, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210914005368/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2021.

PUB: 09/14/2021 12:00 PM/DISC: 09/14/2021 12:01 PM

http://www.businesswire.com/news/home/20210914005368/en