Levi & Korsinsky Obtains Certification of Class of Resource Capital Corp. Investors

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Published November 28, 2017

On November 22, 2017, U.S. District Judge Louis L. Stanton certified a class of investors in Resource Capital Corp. in the action Levin v. Resource Capital Corp., et al. (1:15-cv-07091-LLS)(SDNY). Judge Stanton certified a class consisting of all purchasers of Resource Capital common stock as well as Series B and Series C preferred shares during the period from October 31, 2012 to August 4, 2015. Judge Stanton also appointed Levi & Korsinsky as Class Counsel. The action seeks to recover damages associated with Resource Capital’s alleged issuance of materially false and/or misleading information about portions of its loan portfolio. The class alleges that Resource Capital’s misleading statements caused Resource Capital common and preferred stock to trade at artificially inflated prices and that the stock price declined when the truth about Resource Capital’s loan portfolio was revealed. Judge Stanton had previously denied Defendants’ motion to dismiss the allegations by an order dated October 5, 2016. A copy of the Order certifying the class is available here. A copy of the Order denying the motion to dismiss is available here.