NEW ORLEANS, March 20, 2025 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 5, 2025 to file lead plaintiff applications in a securities class action lawsuit against Ready Capital Corporation (the “Company”) (NYSE: RC), if they purchased the Company’s shares between November 7, 2024 and March 2, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Ready Capital investors should visit us at https://claimsfiler.com/cases/nyse-rc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Ready Capital and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 3, 2025, the Company reported financial results for its fourth quarter and full year 2024, disclosing a quarterly net loss of $1.80 per share and full year 2024 net loss of $2.52 per share due to “decisive actions to stabilize” its “balance sheet going forward by fully reserving for all of our nonperforming loans in our CRE portfolio,” including taking $284 million in combined Current Expected Credit Loss and valuation allowances in order to mark the Company’s non-performing loans to current values, among other actions.
On this news, the price of Ready Capital’s shares declined more than 26% to close at $5.07 per share on March 3, 2025, on unusually heavy trading volume.
The case is Quinn v. Ready Capital Corporation, et al., No. 25-cv-1883.
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