NEW YORK, NY - March 19, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) on behalf of investors that purchased or otherwise acquired Ready Capital securities between November 7, 2024 and March 2, 2025 (the “Class Period”).
If you are an investor in Ready Capital and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than May 5, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Ready Capital is a real estate finance company which originates, acquires, finances, and services lower-to-middle market commercial real estate (“CRE”) loans, small business administration loans, residential mortgage loans, and other real estate related investments.
On March 3, 2025, Ready Capital announced its fourth quarter and full year 2024 financial results. The Company reported a GAAP loss per common share from continuing operations of $1.80 per share for the fourth quarter and $2.52 per share for the full year 2024. The Company explained that “[e]ntering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio.” The Company also announced it would be taking $284 million in combined Current Expected Credit Loss and valuation allowances to mark the non-performing loans to current values.
Following this news, the price of Ready Capital stock fell $1.86 per share, nearly 27%, to close at $5.07 per share on March 3, 2025.
According to the complaint, throughout the Class Period the defendants made materially false and/or misleading statements, and failed to disclose that significant non-performing loans in Ready Capital’s portfolio were not likely to be collectible.
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer*
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King*
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
https://www.kaplanfox.com/case/ready-capital-corporation/
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