According to the lawsuit, the Offering (IPO) documents featured false and/or misleading statements and/or failed to disclose that:
- Home Point’s aggressive expansion of its broker partners would dramatically increase Home Point’s expenses;
- 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;
- accordingly, Home Point had overstated its business and financial prospects; and
- as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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