NEW YORK, May 29, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP is investigating potential violations of the federal securities laws by Velocity Financial, Inc. ("Velocity" or "the Company") (NYSE: VEL).
All investors who purchased American Depositary Shares ("ADSs") of Velocity Financial, Inc.and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
On or about January 22, 2020, Velocity sold 7,250,000 shares of stock in its initial public stock offering (the "IPO"), at $13.00 a share raising $94,250,000 in new capital. However, since the IPO, Velocity stock has declined substantially. On May 8, 2020, the stock closed at $3.04.
Specifically, our investigation seeks to determine whether the Company's filings with the United States Securities and Exchange Commission (SEC) in connection with its January 2020 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP