NEW YORK, July 17, 2021 (GLOBE NEWSWIRE) – WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of buyers of securities of Rocket Companies, Inc. (NYSE: RKT) between February 25, 2021 and 5 May 2021 inclusive (the “Recourse Period”). A class action has already been filed. If you want to serve as the principal applicant, you must move the court no later than August 30, 2021.
SO WHAT: If you purchased securities of Rocket Companies during the Class Period, you may be entitled to compensation without payment of any costs or out of pocket expenses through a contingency fee agreement.
WHAT TO DO NEXT: To join the Rocket Companies class action lawsuit, go to http://www.rosenlegal.com/cases-register-2099.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action. A class action has already been filed. If you want to serve as the principal applicant, you must move the court no later than August 30, 2021. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation.
WHY THE ROSEN LAW: We encourage investors to select qualified advisors with a track record of success in leadership roles. Often, companies issuing reviews do not have significant experience, resources or recognition by their peers. Be wise in choosing the right lawyer. Rosen law firm represents investors around the world, focusing its practice on class actions in securities and derivative litigation between shareholders. Rosen law firm has secured the largest securities class action settlement against a Chinese company. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has been ranked in the top 4 every year since 2013 and has recovered hundreds millions of dollars for investors. In 2019 alone, the company raised more than $ 438 million for investors. In 2020, founding partner Laurence Rosen was appointed by law360 as the Titan of Plaintiffs’ Bar. Many of the firm’s lawyers have been recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, the defendants throughout the litigation period made false and / or misleading statements and / or failed to disclose that: (1) the gain on the Rocket companies’ sales margins was contracting at the highest rate in two years due to increased competition among mortgage lenders, an unfavorable move towards the operational segment of the low margin partner network and the compression of the price differential between the primary and secondary mortgage markets ; (2) Rocket Companies was engaged in a price war and battle for market share with its main competitors in the wholesale market, which further squeezed margins in the operating segment of Rocket Companies’ partner network; (3) the adverse trends identified above were accelerating and, as a result, the gain on Rocket Companies’ sales margins was on track to decline by at least 140 basis points in the first six months of 2021; (4) as a result of the foregoing, the favorable market conditions which had preceded the Class Period and allowed Rocket Companies to achieve a historically high gain on sales margins had disappeared while the Company’s gain on sales margins had returned to levels not seen since the first quarter of 2019; (5) instead of remaining high due to strong demand, Rocket Companies company-wide selling profit margins were significantly lower than recent historical averages; and (6) as a result of the foregoing, the defendants’ positive statements about the business operations and outlook of Rocket Companies were substantially misleading and / or lacking reasonable basis. When the real details entered the market, the lawsuit claims that investors have suffered damage.
To join the Rocket Companies class action lawsuit, go to http://www.rosenlegal.com/cases-register-2099.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action.
No class has been certified. Until a group is certified, you are not represented by a lawyer unless you hire one. You can choose the lawyer of your choice. You can also remain an absent group member and do nothing at this point. The ability of an investor to participate in any potential future recovery does not depend on whether he or she is a lead applicant.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, New York 10016
Phone. : (212) 686-1060
Toll free: (866) 767-3653
Fax: (212) 202-3827