Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Velocity Financial, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Velocity Financial, Inc. ("Velocity Financial" or the "Company")(NYSE:VEL) of the September 28, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Velocity Financial stock or options pursuant and/or traceable to the Company's January 17, 2020 initial public offering ("IPO") and would like to discuss your legal rights, click here: please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Velocity Financial common stock pursuant and/or traceable to the Company's January 17, 2020 IPO. The case, Berg v. Velocity Financial, Inc., No. 20-cv-06780 was filed on July 29, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the substantial and growing proportion of the Company’s loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Offering Materials and by failing to provide information on the potential impact of the novel coronavirus.
Since Velocity Financial's IPO, the Company's share price has declined from its IPO price of $13.00 by approximately 70%.
Velocity Financial, Inc. (VEL)
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Filed on 07/30/2020
Lead Plaintiff Deadline 09/28/2020
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331