SAN FRANCISCO, April 10, 2025 (GLOBE NEWSWIRE) -- Girard Sharp, LLP, a national investment, securities, and class action firm, announces an investigation of potential securities claims on behalf of former investors of Broadmark Realty Capital (“Broadmark”) who received shares of Ready Capital Corporation (“Ready Capital” or the “Company”) in connection with Ready Capital’s acquisition of Broadmark on May 31, 2023.
Ready Capital describes itself as a “multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA loans, residential mortgage loans, construction loans, USDA loans and….MBS collateralized primarily by LMM loans, or other real estate-related investments.”
On March 3, 2025, Ready Capital issued a press release explaining that it was taking “decisive actions” in order to “stabilize the Company’s balance sheet.” The press release further stated that the Company was “fully reserving for all of [its] non-performing loans in [its] CRE portfolio.” Then, during an earnings call later that day, Ready Capital’s chief executive officer stated the Company had “undertaken … aggressive actions to reset the balance sheet and go-forward earnings profile,” which included recording “$284 million combined CECL and valuation allowances.” On this news, Ready Capital’s share price dropped by over 26% during intraday trading.
Since May 31, 2023, the date upon which Ready Capital issued shares to former Broadmark investors, Ready Capital’s share price has declined by over 50%. Girard Sharp’s investigation focuses on whether there may have been undisclosed issues with Ready Capital’s loan portfolio at the time of the May 2023 transaction.
If you are a former Broadmark investor who received Ready Capital shares in the May 2023 acquisition and would like to discuss your claim, please email apolk@girardsharp.com or call (866) 981-4800 for a free consultation.
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Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We serve on the Plaintiffs’ executive committee in the recent spoofing litigation against JPMorgan Chase that settled for $60 million, a favorable resolution that the district court preliminarily approved in December 2021. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.
