SAN DIEGO, March 10, 2025 (GLOBE NEWSWIRE) —
Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Ready Capital Corporation (NYSE: RC) common stock between November 7, 2024 and March 2, 2025. Ready Capital is a real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LLM”) commercial real estate (“CRE”) loans, small business administration loans, residential mortgage loans, and other real estate-related investments.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Ready Capital Corporation (RC) Misled Investors Regarding Certain Uncollectable Loans
According to the complaint, during the class period, defendants failed to disclose to investors: (1) that significant non-performing loans in its CRE portfolio were not likely to be collectible; (2) that Ready Capital would fully reserve these problem loans in order to “stabilize” its CRE portfolio; (3) that this was not accurately reflected in Ready Capital’s current expected credit loss or valuation allowances; and therefore (4) the Company’s financial results would be adversely affected.
On March 3, 2025, Ready Capital announced its fourth quarter and full year 2024 financial results, reporting fourth quarter 2024 net loss of $1.80 per share and full year 2024 net loss of $2.52 per share. The Company explained had to take “decisive actions to stabilize” its “balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio.” On this news, Ready Capital’s stock price fell $1.86, or 26.8%, to close at $5.07 per share on March 3, 2025.
What Now: You may be eligible to participate in the class action against Ready Capital Corporation. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 5, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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