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Investigation
06/21/2021
Initial Lawsuit
06/21/2021
Lawsuit Progression
09/10/2021
This is a federal securities class action on behalf of all persons and entities other than Defendants that purchased or admin otherwise acquired Home Point common stock pursuant and/or traceable to the Company’s January 29, 2021, initial public offering.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Home Point’s aggressive expansion of its broker partners would dramatically increase the Company’s expenses;
(ii) 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;
(iii) accordingly, the Company had overstated its business and financial prospects;
(iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
