An investigation on behalf of current long term investors in Velocity Financial, Inc. (NYSE:VEL) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:VEL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/04/2020 -- Certain directors of Velocity Financial, Inc are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in Velocity Financial, Inc. (NYSE: VEL) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NYSE: VEL stocks follows a lawsuit filed against Velocity Financial, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: VEL stocks, concerns whether certain Velocity Financial, Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the defendants failed to disclose that, at the time of the IPO, the Company's non-performing loans had dramatically increased in size from the figures provided in the Offering Materials, as measured by both the amount of unpaid principal balance and as a percentage of the Company's overall loan portfolio, that the defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO, and that the failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Offering Materials regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.
Those who purchased shares of Velocity Financial, Inc. (NYSE: VEL) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.