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Press release content from Business Wire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Home Point Capital Inc. (HMPT) Investors

June 25, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Jun 25, 2021--

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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.

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If you suffered a loss on your Home Point investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/home-point-capital-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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.

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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.

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If you purchased or otherwise acquired Home Point common stock pursuant and/or traceable to the IPO, you may move the Court no later than August 20, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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/20210625005052/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2021.

PUB: 06/25/2021 11:30 AM/DISC: 06/25/2021 11:31 AM

http://www.businesswire.com/news/home/20210625005052/en