BOSTON, MA / ACCESSWIRE / July 29, 2020 / Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a securities class action has been filed against Velocity Financial, Inc. (NYSE:VEL) and certain of its executives. Investors who purchased Velocity Financial shares between and who lost money are encouraged to contact the firm for a free case evaluation.
On January 17, 2020, Velocity Financial commenced its initial public offering ("IPO") of 7.25 million shares at $13.00 each, raising approximately $94 million. Since the IPO, Velocity Financial's stock price has plummeted, closing as low as $2.47 per share, representing a decline of approximately 81% from the IPO price.
The lawsuit was filed in the U.S. District Court for the Central District of California, and is captioned Berg v. Velocity Financial, Inc., et al., No. 2:20-cv-06780. The suit alleges that the IPO materials failed to disclose that a substantial and growing proportion of Velocity Financial's loans were non-performing and/or on non-accrual status, and failed to disclose any information whatsoever about the onset of the coronavirus pandemic and its actual and potential implications for Velocity Financial's finances and prospects. The deadline to move the Court to be appointed lead plaintiff is September 28, 2020.
If you purchased or acquired shares of Velocity Financial and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or at https://www.blockleviton.com/cases/velocity.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP