Lead Plaintiff Deadline: September 28, 2020
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According to the filed complaint, defendants failed to disclose that, at the time of Velocity’s initial public offering (the “IPO”), the Company’s non-performing loans had dramatically increased in size (as measured by both the amount of unpaid principal balance and as a percentage of the Company’s overall loan portfolio) from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO. Further, defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity’s business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure 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 Registration Statement and Prospectus regarding the quality of the Company’s loan portfolio and underwriting practices materially misleading.
In order to be included in the lawsuit, you must have incurred a loss on shares of Velocity purchased during the class period listed above.
If you suffered a loss in Velocity during the relevant time frame, you have until September 28, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.