INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Home Point Capital Inc. (HMPT) Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Jun 24, 2021--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Home Point Capital Inc. (“Home Point” or the “Company”) (NASDAQ: HMPT ) common stock pursuant and/or traceable to the Company’s January 2021 initial public offering (“IPO”). Home Point investors have until August 20, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Home Point 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 email@example.com.
In January 2021, Home Point conducted its IPO, selling 7.25 million shares of common stock for $13.00 per share.
On May 6, 2021, Home Point announced financial results for the first quarter of 2021, reporting revenue of $324.2 million, which missed consensus estimates by $41.72 million.
On this news, Home Point’s stock price fell $1.66, or 17.7%, to close at $7.72 per share on May 6, 2021, significantly below the IPO price.
The complaint filed alleges that 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) Home Point’s aggressive expansion of its broker partners would increase the Company’s expenses dramatically; (2) as a result of rising interest rates in 2021, the mortgage industry was anticipating decreased gain-on-sale margins industry-wide, and Home Point would be subject to the same competitive pressures; (3) accordingly, Home Point had overstated its business and financial prospects; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Home Point common stock pursuant and/or traceable to the IPO, have information or would like to learn more about these claims, or 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 firstname.lastname@example.org, 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/20210624005181/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2021.
PUB: 06/24/2021 12:30 PM/DISC: 06/24/2021 12:32 PM