Home Point Capital Inc.

Home Point Capital Inc.

Ticker: HMPT

Class Period Start: 01/29/2021

Class Period End: 01/29/2021

Registration Deadline: 08/20/2021

Home Point Capital, Inc. (“Home Point”) operates as a residential mortgage originator and service provider.

On January 29, 2021, Home Point launched its Initial Public Offering (“IPO”), issuing 7.25 million shares of Home Point’s common stock to the public at the offering price of $13.00 per share. Net proceeds of the offering were approximately $88 million.

On May 6, 2021, Home Point issued a press release announcing Home Point’s financial results for the first quarter of 2021. Among other results, Home Point reported revenue of $324.2 million, missing consensus estimates by $41.72 million. On this news, Home Point’s stock price fell nearly 18%, closing at $7.70 per share.

A securities class action has been filed against Home Point on behalf of shareholders that purchased Home Point’s American Depositary Shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering conducted on or about January 29, 2021.  This case has been filed in the U.S. District Court for the Eastern District of Michigan.

The Complaint alleges that Defendants made misleading and/or false statements and/or failed to disclose that: (1) Home Point’s aggressive expansion of its broker partners would dramatically increase Home Point’s expenses; (2) the mortgage industry was anticipating industry-wide decreased gain-on-sale margins as a result of rising interest rates in 2021 and Home Point would be subject to the same competitive pressures; (3) accordingly, Home Point had overstated its business and financial prospects; and (4) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

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