Broadmark Realty Capital Inc. investors voted in favor of a 2023 merger into Ready Capital Corp. based on misleading proxy materials, according to a suit over the combined company’s post-merger performance.
The materials that the real estate investment trusts presented to Broadmark investors failed to adequately disclose the risks associated with Ready’s real estate lending portfolio, Brian Grant says. Grant and two funds associated with him filed the proposed class action against Broadmark, Ready, their directors and top executives, and external asset manager Waterfall Asset Management LLC on Wednesday in the US District Court for the Western District of Washington. ...
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