NYSE: RKT| Rocket Companies Securities Fraud Investigation
Shamis Gentile, a corporate securities fraud law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Rocket Companies, Inc. (NYSE: RKT) between February 25, 2021 and May 5, 2021, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 30, 2021.
If you purchased Rocket Companies, Inc. and would like to join the class action, please contact us immediately! Such investors are advised to contact attorney Andrew Shamis at info@shamisgentile.com or 305-479-2299.
Press Release
Shamis Gentile Encourages Rocket Companies, Inc. Investors with Losses to Secure Counsel Before Important Deadline – RKT
WHY: Shamis Gentile, a corporate securities fraud law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Rocket Companies, Inc. (NYSE: RKT) between February 25, 2021 and May 5, 2021, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 30, 2021.
WHAT: If you purchased Rocket Companies securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Rocket Companies securities class action, please contact Andrew J. Shamis, Esq. at 305-479-2299 or email info@shamisgentile.com for information on the class action.
WHAT IS THIS ABOUT: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Rocket Companies’ gain on sale margins were contracting at the highest rate in two years as a result of increased competition among mortgage lenders, an unfavorable shift toward the lower margin Partner Network operating segment and compression in the price spread between the primary and secondary mortgage markets; (2) Rocket Companies was engaged in a price war and battle for market share with its primary competitors in the wholesale market, which was further compressing margins in Rocket Companies’ Partner Network operating segment; (3) the adverse trends identified above were accelerating and, as a result, Rocket Companies’ gain on sale margins were on track to plummet at least 140 basis points in the first six months of 2021; (4) as a result of the above, the favorable market conditions that had preceded the Class Period and allowed Rocket Companies to achieve historically high gain on sale margins had vanished as the Company’s gain on sale margins had returned to levels not seen since the first quarter of 2019; (5) rather than remaining elevated due to surging demand, Rocket Companies’ Company-wide gain-on-sale margins had fallen materially below recent historical averages; and (6) as a result of the foregoing, defendants’ positive statements about the Company’s business operations and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
WHY SHAMIS GENTILE LAW: Shamis & Gentile, P.A. is dedicated in helping misled shareholders recover damages caused by corporate fraud and other misconduct. Our securities attorneys have a wealth of knowledge and experience handling complex litigation cases and achieving significant victories and settlements for clients (over 500 million recovered and counting). In addition to our experience litigating securities cases, our attorneys have been routinely certified class counsel throughout the country where our firm has gained a reputation of one that litigates the right way and achieves large monetary settlements. Our team comes from diverse and unique backgrounds, making us equipped to bring the fight anytime and anywhere on behalf of our clients.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Andrew J. Shamis, Esq.
Shamis & Gentile, P.A.
Miami Headquarters
14 NE 1st Ave, Suite 705,
Miami, FL 33132
Tel: 305-479-2299
Fax: 786-623-0915
