NEW YORK, Sept. 11, 2015 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of Resource Capital Corporation ("Resource" or the "Company") (NYSE: RSO) between March 2, 2015 and April 4, 2015 (the "Class Period"). The action alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Resource and certain of its executive officers and directors issued materially false and/or misleading information regarding the risk of the Company's commercial loans portfolio and its processes and controls for assessing the quality of its portfolio.
On August 4, 2015, Resource disclosed a GAAP net loss of $31.0 million during the quarter ended June 30, 2015, citing the recording of a $41.1 million allowance for loan loss. Upon this news, shares of Resource Capital fell from a closing price of $3.48 on August 4, 2015, to a close of $3.05 the following day.
Plaintiffs seek to recover damages on behalf of all Class members who invested in RSO securities during the Class Period. If you invested in RSO securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 9, 2015.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an RSO shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
Logo - http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bernstein-liebhard-llp-announces-that-a-class-action-has-been-filed-against-resource-capital-corporation-300141806.html
SOURCE Bernstein Liebhard LLP