Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Home Point Capital Securities Litigation

By: Robbins Geller Rudman & Dowd LLP via Business Wire

January 23, 2024 at 08:00 AM EST

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Home Point Capital Securities Settlement:

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF MICHIGAN

SOUTHERN DIVISION

In re HOME POINT CAPITAL INC.

SECURITIES LITIGATION

Civ No. 4:21-cv-11457-SDK-KGA

Judge Shalina D. Kumar

Magistrate Judge Kimberly G. Altman

CLASS ACTION

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED HOME POINT CAPITAL INC. (“HOME POINT” OR THE “COMPANY”) COMMON STOCK IN THE COMPANY’S JANUARY 29, 2021 INITIAL PUBLIC OFFERING (“IPO”) OR PURCHASED HOME POINT COMMON STOCK AFTER THE IPO AND ON OR BEFORE JUNE 21, 2021 IN THE STOCK MARKET PURSUANT AND/OR TRACEABLE TO THE COMPANY’S OFFERING DOCUMENTS ISSUED IN CONNECTION WITH THE IPO, AND WERE ALLEGEDLY DAMAGED THEREBY, AND ARE NOT OTHERWISE EXCLUDED FROM THE SETTLEMENT CLASS (“SETTLEMENT CLASS” OR “SETTLEMENT CLASS MEMBERS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on May 14, 2024, at 10:00 a.m., before Judge Shalina D. Kumar, at the United States District Court, Eastern District of Michigan, Southern Division, Courtroom 127 of the Federal Building and U.S. Courthouse, 600 Church Street, Flint, MI 48502, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”)¹ for $5,000,000 in cash, to be paid or caused to be paid by the Company, should be approved by the Court as fair, reasonable, and adequate; (2) for purposes of the Settlement only, the Litigation should be certified as a class action on behalf of the Settlement Class; (3) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (4) to award Lead Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below) and to award Plaintiff reimbursement of his time and expenses pursuant to 15 U.S.C. §77z-1(a)(4) in connection with his representation of the Settlement Class, and, if so, in what amounts; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

The Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Settlement Class Members to appear remotely at the hearing, without further written notice to the Settlement Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website, www.HomePointSecuritiesSettlement.com, before making any plans to attend the Settlement Hearing. Updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement website, www.HomePointSecuritiesSettlement.com. Also, if the Court requires or allows Settlement Class Members to participate in the Settlement Hearing by remote means, the information for accessing the hearing will be posted to the Settlement website.

IF YOU PURCHASED OR OTHERWISE ACQUIRED HOME POINT COMMON STOCK BETWEEN JANUARY 29, 2021 AND JUNE 21, 2021, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than April 15, 2024) or electronically (no later than April 15, 2024). Your failure to timely submit your Proof of Claim by April 15, 2024, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Litigation. If you purchased or otherwise acquired Home Point common stock between January 29, 2021 and June 21, 2021, inclusive, and do not validly and timely request exclusion from the Settlement Class in accordance with the requirements set by the Court, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

The Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), the Proof of Claim, the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice), and other Settlement documents, may be accessed online at www.HomePointSecuritiesSettlement.com, or by writing to:

Home Point Securities Settlement

Claims Administrator

c/o Gilardi & Co. LLC

P.O. Box 301133

Los Angeles, CA 90030-1133

Inquiries should NOT be directed to Defendants, Defendants’ Counsel, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP

Ellen Gusikoff Stewart

655 West Broadway, Suite 1900

San Diego, CA 92101

Telephone: 1-800-449-4900

settlementinfo@rgrdlaw.com

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY APRIL 23, 2024, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL SETTLEMENT CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED 30% OF THE $5,000,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $60,000 AND AN AWARD TO PLAINTIFF NOT TO EXCEED $25,000 IN CONNECTION WITH HIS REPRESENTATION OF THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL SO THAT THEY ARE RECEIVED BY APRIL 23, 2024, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: November 30, 2023	BY ORDER OF THE COURT
	UNITED STATES DISTRICT COURT
	EASTERN DISTRICT OF MICHIGAN
	SOUTHERN DIVISION

____________________________

¹ The Stipulation can be viewed and/or obtained at www.HomePointSecuritiesSettlement.com. This Summary Notice incorporates by reference the definitions in the Stipulation, and all capitalized terms used herein shall have the same meanings as set forth in the Stipulation, unless set forth herein.