Ready Capital Corp. overstated its financial edge before fully reserving for all the non-performing loans in its corporate real estate portfolio to stabilize its balance sheet, a proposed class action said.
The real estate finance company’s stock collapsed 27% March 3 after it shared net losses of $1.80 per share for the fourth quarter of 2024 and $2.52 for the full fiscal year, said Jerry Quinn’s complaint filed in the US District Court for the Southern District of New York Thursday.
It was a record single-trading-day plummet since the stock’s 2013 market debut, according to data compiled by Bloomberg.
Ready ...
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