NEW YORK, NY / ACCESSWIRE / August 26, 2021 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.
Rocket Companies, Inc. (NYSE:RKT)
If you suffered a loss, contact us at: https://www.wongesq.com/pslra-1/rocket-companies-inc-loss-submission-form?prid=18973&wire=1
Lead Plaintiff Deadline: August 30, 2021
Class Period: February 25, 2021 - May 5, 2021
Allegations against RKT include that: (a) Rocket's gain on sale margins were contracting at the highest rate in two years as a result of increased competition among mortgage lenders, an unfavorable shift toward the lower margin Partner Network operating segment and compression in the price spread between the primary and secondary mortgage markets; (b) Rocket was engaged in a price war and battle for market share with its primary competitors in the wholesale market, which was further compressing margins in Rocket's Partner Network operating segment; (c) the adverse trends identified above were accelerating and, as a result, Rocket's gain on sale margins were on track to plummet at least 140 basis points in the first six months of 2021; (d) as a result of the above, the favorable market conditions that had preceded the Class Period and allowed Rocket to achieve historically high gain on sale margins had vanished as the Company's gain on sale margins had returned to levels not seen since the first quarter of 2019; (e) rather than remaining elevated due to surging demand, Rocket's Company-wide gain-on-sale margins had fallen materially below recent historical averages; and (f) as a result of the foregoing, defendants' positive statements about the Company's business operations and prospects were materially misleading and/or lacked a reasonable basis.
DraftKings Inc. f/k/a Diamond Eagle Acquisition Corp. (NASDAQ:DKNG)
If you suffered a loss, contact us at: https://www.wongesq.com/pslra-1/draftkings-inc-f-k-a-diamond-eagle-acquisition-corp-loss-submission-form?prid=18973&wire=1
Lead Plaintiff Deadline: August 31, 2021
Class Period: December 23, 2019 - June 15, 2021
Allegations against DKNG include that: (i) SBTech Global Limited ("SBTech"), a company acquired by DraftKings, had a history of unlawful operations; (ii) accordingly, DraftKings' merger with SBTech exposed the Company to dealings in black-market gaming; (iii) the foregoing increased the Company's regulatory and criminal risks with respect to these transactions; (iv) as a result of all the foregoing, the Company's revenues were, in part, derived from unlawful conduct and thus unsustainable; (v) accordingly, the benefits of the Business Combination were overstated; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.
Bluecity Holdings Limited (NASDAQ:BLCT)
If you suffered a loss, contact us at: https://www.wongesq.com/pslra-1/bluecity-holdings-limited-loss-submission-form?prid=18973&wire=1
Lead Plaintiff Deadline: September 17, 2021
This lawsuit is on behalf of all persons and entities, other than Defendants, who purchased or otherwise acquired BlueCity American Depositary Shares pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about July 8, 2020.
Allegations against BLCT include that: (1) Defendants had overstated BlueCity's business and financial prospects; (2) the Company was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (3) as a result of all the foregoing, Defendants had misrepresented the Company's capability for sustainable growth; and (4) as a result, the Offering Documents were materially false or misleading and/or failed to state information required to be stated therein.
To learn more contact Vincent Wong, Esq. either via email [email protected] or by telephone at 212.425.1140.
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
E-Mail: [email protected]
SOURCE: The Law Offices of Vincent Wong