INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Broadmark Realty Capital Inc., Ready Capital Corporation, Others and Announces Opportunity for Investors with Substantial Losses to Investor Lead Lawsuit – BRMK; RC
SAN DIEGO--(BUSINESS WIRE)-- Robbins Geller Rudman & Dowd LLP announces that holders of Broadmark Realty Capital Inc. (NYSE: BRMK) common stock as of the record date of the May 2023 merger between Broadmark and Ready Capital Corporation (NYSE: RC) (the 'Merger'), have until July 28, 2025 to seek appointment as lead plaintiff of the Broadmark class action lawsuit. Captioned Grant v. Broadmark Realty Capital, No. 25-cv-01013 (W.D. Wash.), the Broadmark class action lawsuit charges Broadmark, Ready Capital, certain of Broadmark's and Ready Capital's top executives and directors, as well as Ready Capital's external asset manager with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Broadmark class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Broadmark and Ready Capital are real estate investments trusts. On May 30, 2023, Broadmark shareholders voted to approve the merger of Broadmark and Ready Capital, which closed the next day.
The Broadmark class action lawsuit alleges that the proxy statement used to solicit the support of Broadmark shareholders for the Merger contained false and/or misleading statements and/or failed to disclose that: (i) a material portion of borrowers within Ready Capital's originated portfolio were experiencing significant financial distress due to high interest rates that had increased their borrowing costs; (ii) an oversupply of multifamily properties in Ready Capital's markets of operation had severely limited the ability of Ready Capital borrowers to raise their rents by the amounts necessary to cover their growing debt costs; (iii) a major development project acquired in Ready Capital's acquisition of Mosaic Real Estate Credit, LLC, Mosaic Real Estate Credit TE, LLC, and MREC International Incentive Split, LP (a Ritz-Carlton located in Portland, Oregon), which accounted for approximately $500 million of Ready Capital's acquired loan portfolio, had experienced catastrophic setbacks since its inception, including significant cost overruns, construction delays, and funding shortfalls; (iv) as a result, Ready Capital's Current Expected Credit Loss reserves and expected credit losses were materially understated; and (v) consequently, Ready Capital's financial projections regarding Ready Capital's Distributable Earnings per share, dividends per share, and book value per share had no basis in fact when made.
The price of Ready Capital stock has remained significantly below the Merger price as of the time the Broadmark class action lawsuit was filed.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who held Broadmark common stock as of the record date of the Merger to seek appointment as lead plaintiff in the Broadmark class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Broadmark class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Broadmark class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Broadmark class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
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The Merger Agreement provides, among other things, that on the terms and subject to the conditions set forth therein, at the effective time of the Merger: (i) each share of common stock of Viskase issued and outstanding immediately prior to the Merger (other than shares held by holders that properly exercise dissenters rights and shares held in treasury) shall be automatically converted into the right to receive the number of shares of common stock of Enzon ('Enzon Common Stock') equal to the exchange ratio as calculated under the Merger Agreement (the 'Merger Consideration'); (ii) all shares of Viskase's common stock converted into the right to receive the Merger Consideration will automatically be cancelled and will cease to exist as of the effective time of the Merger; (iii) each share of Series C Preferred Stock of Enzon ('Series C Preferred Stock') held by affiliates of Icahn Enterprises Holdings L.P. 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About Viskase Companies, Inc. Viskase Companies, Inc., together with its subsidiaries, is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer product companies. Viskase operates nine manufacturing facilities in North America, Europe, South America, and Asia, and, as a result, is able to sell its products in nearly one hundred countries throughout the world. No Offer or Solicitation This communication is not intended to be, and shall not constitute, an offer to sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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Enzon and Viskase can give no assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Enzon, nor Viskase undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Richard L. Feinstein, CEO and CFOEmail: rlfeinsteincpa@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
