LOS ANGELES, CA / ACCESSWIRE / September 22, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Velocity Financial, Inc. ("Velocity" or "the Company") (NYSE:VEL) for violations of the federal securities laws.
Investors who purchased the Company's securities pursuant and/or traceable to the Company's initial public offering conducted in January 2020 (the "IPO") are encouraged to contact the firm before September 28, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
According to the Complaint, the Company made false and misleading statements to the market. Velocity's non-performing loans sharply increased in size from the values presented as part of its IPO materials. The Company failed to share information with investors about the potential impacts of the coronavirus pandemic on its business, despite the fact that international spread had been confirmed at the time of the IPO. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Velocity, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm