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Deadline in Lawsuit for Investors in shares of Velocity Financial, Inc. (NYSE: VEL) on September 28th coming up

09-17-2020 09:17 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A Deadline is coming up on September 28, 2020 in the lawsuit for certain investors in Velocity Financial, Inc. (NYSE: VEL).

A Deadline is coming up on September 28, 2020 in the lawsuit for certain investors in Velocity Financial, Inc. (NYSE: VEL).

A deadline is coming up on September 28, 2020 in the lawsuit filed for certain investors of Velocity Financial, Inc. (NYSE: VEL) over alleged securities laws violations by Velocity Financial, Inc.

Investors who purchased shares of Velocity Financial, Inc. (NYSE: VEL) have certain options and there are strict and short deadlines running. Deadline: September 28, 2020. NYSE: VEL stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges on behalf of purchasers of Velocity Financial, Inc. (NYSE: VEL)
common shares who purchased NYSE: VEL shares pursuant and/or traceable to the Registration Statement and Prospectus (the “Offering Materials”) issued in connection with Velocity’s January 2020 IPO, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants failed to disclose that, at the time of the IPO, the Company’s non-performing loans had dramatically increased in size from the figures provided in the Offering Materials, as measured by both the amount of unpaid principal balance and as a percentage of the Company’s overall loan portfolio, that the defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity’s business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO, and that the failure to disclose the substantial and growing proportion of the Company’s loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Offering Materials regarding the quality of the Company’s loan portfolio and underwriting practices materially misleading.

Those who purchased shares of Velocity Financial, Inc. (NYSE: VEL) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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