RKT News: Berger Montague Investigates Allegations of Securities Fraud Against Rocket Companies, Inc. (RKT); Lead Applicant Deadline is August 30, 2021 | 2021-07-08 | Press Releases
Philadelphia, Pa .– (Newsfile Corp. – July 8, 2021) – Berger Montague is investigating allegations of securities fraud against Rocket Companies, Inc. (“Rocket” or the “Company”). The company is investigating the allegations on behalf of investors who purchased Rocket (NYSE: RKT) securities between February 25, 2021 and May 5, 2021 (the âRecourse Periodâ).
If you purchased any Rocket securities during the Class Period and would like to learn more about Berger Montague’s investigation, please contact Lawyers Andrew Abramowitz at [email protected] or (215) 875-3015, or Donnell Much at [email protected] or (215) 875-4667, or visit www.bergermontague.com/rocket.
Rocket is an online mortgage lender that operates the Rocket Mortgage online platform, which allows clients to apply for and manage mortgages via the Internet or using Rocket’s proprietary mobile phone application.
On May 5, 2021, Rocket announced first quarter 2021 financial results and second quarter 2021 outlook in a press release, stating that it expected closed loan volume in a range of just $ 82.5 billion. and $ 87.5 billion and sales profit margins in the range of only 2.65% to 2.95% for the second quarter of 2021. The midpoint of this estimated sales margin gain was down 239 basis points year-over-year and down 94 basis points sequentially, Rocket’s lowest quarterly gain on selling margin in two years. This information reflected that the favorable market conditions recently touted by the Company had in fact been reversed.
On this news, the price of Rocket’s Class A common stock fell nearly 17% to close at $ 19.01 per share on May 6, 2021.
Whistleblowers: Anyone with non-public information regarding Rocket Companies is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of the recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, DC and San Diego, has been a pioneer in the field of securities class actions since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and acts as a senior advisor. in courts across the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, partner
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89775