Portnoy Law: Lawsuit Filed On Behalf of Rocket Companies, Inc. Investors
to join the case
LOS ANGELES, July 01, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Rocket Companies, Inc. (“Rocket” or “the Company”) (NYSE : RKT) investors that acquired securities between February 25, 2021 and May 5, 2021.
It is alleged in this complaint that Rocket made misleading and false statements to the market. In relation to increased competition with other mortgage lenders, amongst other factors, Rocket suffered from the highest contract rates in two years. Rocket was engaged in a price war with its rivals, further eroding margins. Throughout the first six months of 2021 these adverse trends were accelerating. In fact, Rocket’s gain-on-sale margins had fallen below recent averages. Rocket’s public statements were materially misleading and false throughout the class period, based on these facts. Investors suffered damages when the market learned the truth about Rocket.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
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