NEW YORK, March 17, 2025 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Ready Capital Corporation (NYSE: RC).Shareholders who purchased shares of RC during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/ready-capital-corporation-loss-submission-form/?id=136031&from=4CLASS PERIOD: Novemb ...

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Ready Capital Corporation due to allegations of violations of federal securities laws, particularly concerning misleading statements about the company's financial health and non-performing loans [3][5]. Group 1: Legal Investigation - The law firm is encouraging investors who suffered losses in Ready Capital to contact them for discussing legal options [1][9]. - There is a deadline of May 5, 2025, for investors to seek the role of lead plaintiff in a federal securities class action against Ready Capital [3]. Group 2: Allegations Against Ready Capital - The complaint alleges that Ready Capital and its executives made false or misleading statements regarding the collectability of significant non-performing loans in its commercial real estate (CRE) portfolio [5]. - It is claimed that the company did not accurately reflect the need to reserve for these problem loans, which adversely affected its financial results [5]. Group 3: Financial Performance - On March 3, 2025, Ready Capital reported a fourth quarter net loss of $1.80 per share and a full year net loss of $2.52 per share for 2024 [6]. - The company announced it had to take decisive actions, including a total of $284 million in Current Expected Credit Loss (CECL) and valuation allowances to stabilize its balance sheet [6]. - Ready Capital's total leverage increased to 3.8x from the previous quarter's 3.3x [6]. Group 4: Market Reaction - Following the announcement of its financial results, Ready Capital's stock price fell by $1.86, or 26.8%, closing at $5.07 per share on March 3, 2025, with unusually heavy trading volume [7].

Core Viewpoint - A class action lawsuit has been filed against Ready Capital Corporation for alleged violations of securities laws, specifically related to misleading statements about its financial health and non-performing loans in its commercial real estate portfolio [1][4]. Group 1: Lawsuit Details - The lawsuit is based on violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 [1]. - Investors who purchased Ready Capital securities between November 7, 2024, and March 2, 2025, are encouraged to participate in the lawsuit [2]. - The class has not yet been certified, meaning potential participants are not currently represented by an attorney [3]. Group 2: Allegations Against Ready Capital - The complaint alleges that Ready Capital made false and misleading statements regarding its financial condition [4]. - The company faced issues with non-performing loans in its commercial real estate portfolio and attempted to stabilize it by fully reserving these loans [4]. - Ready Capital reportedly failed to accurately reflect its expected credit loss and valuation allowances in its financial results, leading to materially misleading public statements [4].

Core Viewpoint - Ready Capital Corporation has successfully completed the acquisition of United Development Funding IV, which will enhance its portfolio and growth opportunities [1][2] Company Overview - Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that focuses on originating, acquiring, financing, and servicing lower-to-middle-market commercial real estate loans [5] - The company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, bridge loans, and U.S. Small Business Administration loans under its Section 7(a) program [5] - Ready Capital is headquartered in New York and employs approximately 350 professionals nationwide [5] Merger Details - The merger was executed under the terms of the Agreement and Plan of Merger dated November 29, 2024, and the combined entity will continue to operate under the name "Ready Capital Corporation" [1] - Each outstanding common share of UDF IV was converted into the right to receive 0.416 shares of Ready Capital's common stock and 0.416 contingent value rights (CVRs) [1] - The CVRs represent potential rights to receive additional shares of Ready Capital Common Stock based on cash proceeds from a portfolio of five UDF IV loans [1] Leadership Statement - Thomas Capasse, Chairman and CEO of Ready Capital, expressed optimism about scaling the portfolio and unlocking growth and value creation opportunities following the merger [2]

IRVING, Texas, March 13, 2025 (GLOBE NEWSWIRE) -- United Development Funding IV ("UDF IV") announced today that on March 4, 2025, its board of trustees authorized a cash distribution of $2.3785 per share payable on or around March 13, 2025, to shareholders of record at the close of business on March 4, 2025, or approximately $73 million in the aggregate. This distribution is contemplated by the merger agreement between UDF IV and Ready Capital Corporation (NYSE:RC). Including the approximately $2 million di ...

IRVING, Texas, March 13, 2025 (GLOBE NEWSWIRE) -- United Development Funding IV (“UDF IV”) announced today that on March 4, 2025, its board of trustees authorized a cash distribution of $2.3785 per share payable on or around March 13, 2025, to shareholders of record at the close of business on March 4, 2025, or approximately $73 million in the aggregate. This distribution is contemplated by the merger agreement between UDF IV and Ready Capital Corporation (NYSE: RC). Including the approximately $2 million d ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Ready Capital Corporation regarding a class action lawsuit due to alleged misleading statements and undisclosed information related to non-performing loans in its commercial real estate (CRE) portfolio [1]. Summary by Sections Allegations - The complaint alleges that during the class period from November 7, 2024, to March 2, 2025, Ready Capital Corporation made materially false and misleading statements [1]. - Key allegations include: 1. Significant non-performing loans in its CRE portfolio were unlikely to be collectible 2. Ready Capital intended to fully reserve these problem loans to stabilize its CRE portfolio 3. This situation was not accurately reflected in the company's expected credit loss or valuation allowances 4. Consequently, the company's financial results would be adversely affected 5. Positive statements made by the defendants regarding the company's business and prospects were materially misleading [1]. Next Steps for Shareholders - Shareholders who purchased shares during the specified class period are encouraged to register for the class action by May 5, 2025 [2]. - Upon registration, shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2]. About the Gross Law Firm - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [3].

Core Viewpoint - Investors in Ready Capital Corporation have until May 5, 2025, to file lead plaintiff applications in a securities class action lawsuit due to alleged failure to disclose material information during the Class Period [1][3]. Group 1: Lawsuit Details - The lawsuit against Ready Capital and certain executives is based on violations of federal securities laws for not disclosing material information during the Class Period, which spans from November 7, 2024, to March 2, 2025 [3]. - The case is identified as Quinn v. Ready Capital Corporation, et al., No. 25-cv-1883 [5]. Group 2: Financial Performance - On March 3, 2025, Ready Capital reported a quarterly net loss of $1.80 per share and a full year 2024 net loss of $2.52 per share, attributed to actions taken to stabilize the balance sheet by fully reserving for nonperforming loans [4]. - The company took $284 million in combined Current Expected Credit Loss and valuation allowances to mark non-performing loans to current values [4]. Group 3: Market Reaction - Following the financial results announcement, Ready Capital's share price fell over 26%, closing at $5.07 per share on March 3, 2025, with unusually heavy trading volume [5].

Core Viewpoint - A class action lawsuit has been filed against Ready Capital Corporation for misleading statements regarding its financial health and non-performing loans during the specified Class Period from November 7, 2024, to March 2, 2025 [1][5]. Group 1: Lawsuit Details - The lawsuit claims that Ready Capital made false and/or misleading statements about significant non-performing loans in its commercial real estate portfolio, which were not likely to be collectible [5]. - It is alleged that Ready Capital would fully reserve these problem loans to stabilize its portfolio, which was not accurately reflected in its expected credit loss or valuation allowances [5]. - The misleading statements resulted in adverse effects on Ready Capital's financial results, impacting the company's positive outlook on its business and operations [5]. Group 2: Participation Information - Shareholders who purchased Ready Capital securities during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - Interested parties can join the class action by visiting the provided link or contacting the law firm directly for more information [3][6]. - A lead plaintiff must file a motion with the court by May 5, 2025, to represent other class members in the litigation [1][3]. Group 3: Law Firm Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has consistently ranked highly in securities class action settlements and has recovered hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in handling such cases [4].

Core Viewpoint - A class action lawsuit has been filed against Ready Capital Corporation for misleading statements regarding its financial health and non-performing loans during the specified Class Period from November 7, 2024, to March 2, 2025 [1][5]. Group 1: Lawsuit Details - The lawsuit claims that Ready Capital made false and/or misleading statements about significant non-performing loans in its commercial real estate portfolio, which were not likely to be collectible [5]. - It is alleged that Ready Capital would fully reserve these problem loans to stabilize its portfolio, but this was not accurately reflected in its expected credit loss or valuation allowances [5]. - As a result of these issues, Ready Capital's financial results were adversely affected, and its positive statements about the company's business and prospects were materially misleading [5]. Group 2: Class Action Participation - Shareholders who purchased Ready Capital securities during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - Interested parties can join the class action by visiting the provided link or contacting the law firm directly [3][6]. - A lead plaintiff must move the Court by May 5, 2025, to represent other class members in the litigation [1][3]. Group 3: Law Firm Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4].