RC COURT DEADLINE: Ready Capital (NYSE:RC) Investors with Losses have Until May 5 before the Expiration of the Class Action Deadline

Core Viewpoint - A lawsuit has been filed against Ready Capital Corporation and its senior executives for potential violations of federal securities laws, focusing on misrepresentation of the company's financial health due to non-performing loans in its commercial real estate portfolio [1][2][4]. Group 1: Lawsuit Details - The lawsuit is filed by Bleichmar Fonti & Auld LLP on behalf of investors who purchased Ready Capital stock, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. - Investors have until May 5, 2025, to request to be appointed to lead the case, which is pending in the U.S. District Court for the Southern District of New York [2]. Group 2: Company Background - Ready Capital is a real estate finance company that originates, acquires, finances, and services lower-to-middle-market commercial real estate loans, small business administration loans, and other real estate-related investments [3]. Group 3: Financial Misrepresentation - The lawsuit alleges that the defendants misrepresented the impact of significant non-performing loans on the company's financial performance, which were not accurately reflected in its current expected credit loss (CECL) or valuation allowances [4]. - The financial results were claimed to be materially false and misleading due to the misrepresentation of these non-performing loans [4]. Group 4: Stock Performance - Following the announcement of financial results for Q4 2024, Ready Capital recognized a $382 million charge, including $284 million related to non-performing loans, and reduced its dividend to $0.125 per share [5]. - This announcement led to a nearly 27% decline in the stock price, dropping from $6.93 per share on February 28, 2025, to $5.07 per share on March 3, 2025 [6].