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LDI.US
id: 896

loanDepot (LDI) IPO Finance Issues $3.5M Settlement

C.D. California
Court
8:21-cv-01449
Case number
18 Feb 2021
Class period Start
22 Sept 2021
Class period End
24 Apr 2024
Claim deadline
loanDepot 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
Accepting Late Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.37
Filing date
03 September 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
19 April 2024
Exclusion deadline
12 April 2024
Class wide damages
$23,446,500
Trades matching type
FIFO
+$3,500,000
Cash Settlement Amount

Frequently Asked Questions

Loandepot Inc

loanDepot, Inc. engages in originating, financing, selling, and servicing residential mortgage loans in the United States. The company offers conventional agency-conforming and prime jumbo, federal...

    Ticker
    LDI.US
    ISIN
    US53946R1068
    CIK
    1831631
    Sector
    Financial Services
    Industry
    Mortgage Finance
    Country
    USA
    Address
    6561 Irvine Center Drive, Irvine, CA, United States, 92618