Home Point Capital Inc. (HMPT)
Class Action & Lead Plaintiff Deadline: August 20, 2021
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Home Point Capital Inc. ("Home Point" or "the Company") (NASDAQ: HMPT) and certain of its directors on behalf of shareholders who purchased or otherwise acquired Home Point securities common stock pursuant and/or traceable to the Company's January 29, 2021, initial public offering (the "IPO" or "Offering").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the complaint alleges that the Offering Documents made false and/or misleading statements and/or failed to disclose that: (1) Home Point's aggressive expansion of its broker partners would dramatically increase the Company's expenses; (2) the mortgage industry was anticipating industry-wide decreased gain-on-sale margins as a result of rising interest rates in 2021 and Home Point would be subject to the same competitive pressures; (3) accordingly, the Company had overstated its business and financial prospects; and (4) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
On May 6, 2021, Home Point issued a press release announcing the Company's financial results for the first quarter of 2021. Among other results, Home Point reported revenue of $324.2 million, missing consensus estimates by $41.72 million. Following this news, Home Point's stock price fell $1.66 per share, or 17.7%, to close at $7.72 per share on May 6, 2021.
At the time this Complaint was filed, Home Point's stock price has continued to trade below the $13.00 per share Offering price, damaging investors.
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Home Point you have until August 20, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.