NEW YORK, March 07, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) securities between November 7, 2024 and March 2, 2025, inclusive (the “Class Period”).
The Complaint alleges that Defendants made misrepresentations and failed to disclose material facts concerning significant non-performing loans in the Company’s portfolio that were not likely to be collectible. The truth emerged when the Company revealed it had to take “decisive actions to stabilize” its “balance sheet going forward” and fully reserve all non-performing loans in its CRE portfolio. This included taking approximately $382 million in reconciling items, to mark the Company’s non-performing loans to current values.
Investors who purchased or otherwise acquired shares of Ready Capital should contact the Firm prior to the May 5, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.