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Oklahoma City, OK (September 15, 2021) – On September 3, 2021, a securities class action lawsuit was filed in the United States District Court for the Central District of California Southern Division against loanDepot, Inc. (NYSE: LDI). The complaint alleges violations of federal securities laws, Sections 11 and 15 of the Securities Exchange Act of 1933, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 16, 2021 through September 3, 2021. More specifically, loanDepot, Inc. failed to disclose to investors that (1) that the Company’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (2) that the Company’s gain-on-sale margins had already declined substantially at the time of the IPO; (3) that, as a result, the Company’s revenue and growth would be negatively impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The lawsuit seeks to recover damages on behalf of all loanDepot, Inc. investors who purchased common stock during the Class Period. You may move the Court no later than Friday, November 5, 2021 to serve as a lead plaintiff for the entire Class.
If you wish to obtain further information and participate in this or any other securities litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at firstname.lastname@example.org