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LDI.US
id: 896
loanDepot (LDI) IPO Finance Issues $3.5M Settlement
The process of distributing settlement funds to claimants has started.
$3,500,000
Cash SettlementC.D. California
Court8:21-cv-01449
Case number02/18/2021
Class period Start09/22/2021
Class period End04/24/2024
Claim deadlineloanDepot agreed to pay $3.5M to investors to resolve the claims over misleading about the IPO.
Case Details:
loanDepot sold 3.85M shares at $14 each in its IPO, raking in about $54M. Notably, nearly 40% of these shares were sold by CEO Anthony Hsieh and investor Parthenon Capital.
Supposedly, loanDepot's Registration Statement hid a big drop in refinance and profit margins.
When loanDepot's Q2 2021 results was published on August 3, 2021, $LDI dropped over 42% by August 17, 2021, exposing undisclosed risks.
loanDepot has now decided to resolve all the allegations and pay a $3.5M settlement.
Case Status
Disbursement
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.37
Filing date
09/03/2021
Plaintiffs
Eljon Lako
Attorneys
Pomerantz LLP
Defendants
Anthony Hsieh, Patrick Flanagan, Nicole Carrillo, Andrew C. Dodson, John C. Dorman, Brian P. Golson, Dawn Lepore
Judge
Josephine L Staton
Settlement agreement date
2023-07-26
Court hearing date
04/19/2024
Exclusion deadline
04/12/2024
Class wide damages
$23,446,500
Trades matching type
FIFO
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