LOS ANGELES--(BUSINESS WIRE)--
The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Broadmark Realty Capital Inc. (“Broadmark” or “the Company”) (NYSE: BRMK) for violations of the federal securities laws.
Investors who owned the Company's securities as of the record date of the May 2023 merger between Broadmark and Ready Capital Corporation (NYSE: RC) (the "Merger"), are encouraged to contact the firm before July 28, 2025.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company and Ready Capital made false and misleading statements to the market leading up to the Merger. Ready Capital’s originated portfolio included borrowers suffering from financial distress due to high interest rates. Ready Capital’s markets of operation had an oversupply of multifamily properties, hampering borrower’s ability to raise rents. Ready Capital’s Current Expected Credit Loss reserves were materially understated due to catastrophic setbacks in a major development project. Ready Capital’s financial projections including dividends per share and book value per share had no basis in fact when the Merger was proposed to Broadmark shareholders. Based on these facts, the Company’s public statements were false and materially misleading throughout the Merger period. When the market learned the truth about the merger, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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