Le Lézard
Classified in: Business
Subject: ATY

Investor Alert: Kaplan Fox Investigates Velocity Financial, Inc. For Potential Securities Fraud


NEW YORK, Aug. 10, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Velocity Financial, LLC ("Velocity Financial" or the "Company") (NYSE: VEL).  A complaint has been filed on behalf of purchasers of Velocity's common stock pursuant and/or traceable to Velocity's January 2020 initial public offering ("IPO").

On January 22, 2020, Velocity sold more than 8.3 million Velocity shares at $13 per share in the Company's IPO.

Then, on May 13, 2020, Velocity issued a press release and investor presentation in connection with reporting the Company's financial results for the first quarter of 2020 ? the same quarter in which the IPO was conducted.  Among other things, Velocity disclosed that the proportion of non-performing loans had ratcheted up from 6.88% at the end of the fourth quarter of 2019 to 8.17% in the first quarter of 2020.  According to the complaint, at the time of the IPO the Company failed to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status.

By May 15, 2020 Velocity's shares closed at $2.53 per share ? more than 80% below the price investors paid for Velocity's shares in the IPO just four months earlier.

If you are a member of the proposed Class, you may move the court no later than September 28, 2020 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 646-315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP


These press releases may also interest you

at 02:00
Leading multi-asset broker, Vantage Markets (or Vantage), is pleased to announce the ongoing impact of its contribution to support the protection and resettlement of refugees and stateless people in Australia. This follows its US$100,000 donation to...

at 02:00
OKX, a leading crypto exchange and Web3 technology company, has issued updates for April 26, 2024. OKX to Expand Spot Trading Options...

at 02:00
Amwins Global Risks is delighted to announce Classic Cars and Cotswolds, an auction to raise money for the Matthew Wilson Multiple Myeloma Fund at Blood Cancer UK. The online auction opens today and features Ferraris, Aston Martins, a Rolls Royce, a...

at 01:51
In the first quarter of 2024, we saw an improved economy and a high level of leasing activity. We continue to deliver positive net lettings, a surplus ratio of 65 per cent and an occupancy rate of 92 per cent. The green transition, of which we have...

at 01:47
Skanska has signed the final award with SBMT Asset, LLC for the upgrade of the South Brooklyn Marine Terminal in Brooklyn, New York, USA. This award is worth USD 612M, about SEK 6.4 billion, which will be included in the US order bookings for the...

at 01:46
Leap, the leading provider of innovative occupancy and risk management solutions for the multifamily, single-family, and student housing rental markets, is...



News published on and distributed by: