INVESTOR ALERT: Kaskela Law LLC Announces Shareholder Class Action Lawsuit Filed Against Velocity Financial, Inc. and Encourages Investors to Contact the Firm - VEL
PHILADELPHIA, July 29, 2020 /PRNewswire/ -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Velocity Financial, Inc. ("Velocity") (NYSE: VEL) on behalf of investors who purchased or acquired shares of Velocity common stock in connection with or following the company's January 2020 initial public offering ("IPO") of stock.
On or around January 16, 2020, Velocity commenced its IPO of common stock, selling over 8.3 million shares of stock to investors at $13.00 per share, for gross proceeds of approximately $108 million.
As alleged in the complaint, the offering materials filed with the SEC in connection with the IPO "were negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make necessary disclosures required under the rules and regulations governing their preparation."
Since the time of Velocity's IPO, shares of the company's common stock have significantly declined in value, and currently trade at less than $4.00 per share.
Investors who purchased or acquired Velocity's shares in connection with or following the company's January 2020 IPO may, no later than September 28, 2020, seek to be appointed as a lead plaintiff representative in the action.
Velocity stockholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at [email protected], to discuss this action and their legal rights and options. Additional information may also be found at http://kaskelalaw.com/case/velocity-financial-inc/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
[email protected]
SOURCE Kaskela Law LLC
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