Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of purchasers of Home Point Capital Inc. common stock pursuant and/or traceable to Home Point Capital’s January 29, 2021 initial public offering (“IPO”).
All investors who purchased shares of Home Point Capital Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in your investment in shares of Home Point Capital Inc. you may, no later than August 20, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Home Point Capital Inc.
Home Point Capital operates as a residential mortgage originator and service provider
On January 29, 2021, Home Point Capital launched its IPO, issuing 7.25 million shares of Home Point Capital’s common stock to the public at the offering price of $13.00 per share. Net proceeds of the offering were approximately $88 million.
According to the filed Complaint, the Company made false and misleading statements to the market. Home Point’s plan to aggressively expand its broker partners would in turn dramatically increase its expenses. The mortgage industry anticipated shrinking gain-on-sale margins due to rising interest rates, resulting in increased competitive pressures on the Company. The Company overstated its business and growth prospects. Based on these facts, it is alleged that the Company’s public statements and offering documents were false and materially misleading throughout the period.
On May 6, 2021, Home Point Capital issued a press release announcing Home Point Capital’s financial results for the first quarter of 2021. Among other results, Home Point Capital reported revenue of $324.2 million, missing consensus estimates by $41.72 million. On this news, Home Point Capital’s stock price fell nearly 18%, closing at $7.70 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774