READY CAPITAL 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Ready Capital Corporation
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)-- Kahn Swick & Foti, LLC ('KSF') and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until to file lead plaintiff applications in securities class action lawsuits against Ready Capital Corporation (the 'Company') (NYSE: RC), if they purchased the Company's shares between August 8, 2024 and March 2, 2025, inclusive (the 'Class Period'). These actions are pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Ready Capital and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-rc/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 5, 2025.
About the Lawsuits
Ready Capital and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 3, 2025, the Company reported financial results for its fourth quarter and full year 2024, disclosing a quarterly net loss of $1.80 per share and full year 2024 net loss of $2.52 per share due to 'decisive actions to stabilize' its 'balance sheet going forward by fully reserving for all of our nonperforming loans in our CRE portfolio,' including taking $284 million in combined Current Expected Credit Loss and valuation allowances in order to mark the Company's non-performing loans to current values, among other actions. On this news, the price of Ready Capital's shares declined more than 26% to close at $5.07 per share on March 3, 2025, on unusually heavy trading volume.
The first-filed case is Quinn v. Ready Capital Corporation, et al., No. 25-cv-1883. A subsequent case, Goebel v. Ready Capital Corporation, et al., No. 25-cv-3373, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.
To learn more about KSF, you may visit www.ksfcounsel.com.
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