NEW YORK, May 5, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Home Capital Group Inc. ("Home Capital" or the "Company") (OTCMKT: HMCBF). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/hmcbf.
The investigation concerns whether Home Capital and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 10, 2017, post-market, Home Capital disclosed that the Ontario Securities Commission ("OSC") had reached the initial conclusion that Home Capital failed to meet its continuous disclosure obligations for 2014 and 2015, and that the OSC had served Home Capital with an enforcement notice regarding falsified information on certain loan applications in its 2015 disclosure. Following this news, Home Capital stock dropped $1.49 per share, to close at $21.16 on February 13, 2017.
On March 27, 2017, after market hours, Home Capital announced its Chief Executive Officer ("CEO") Martin Reid's departure. Following this news, Home Capital's stock dropped $1.39 per share, or 6.75%, to close at $19.29 on March 28, 2017. Then on April 19, 2017, after market hours, the OSC alleged that Robert Morton Chief Financial Officer ("CFO") and Gerald Soloway and Martin Reid, two former CEOs of Home Capital, had illegally deceived Home Capital's shareholders during their respective tenures. Following this news, Home Capital stock again dropped $3.57 per share, or 21.54%, to close at $13.00 on April 20, 2017.
On April 24, 2017, Home Capital announced that Gerald Soloway, its founder, was resigning from the Company's board, and that CFO Robert Morton would be reassigned to a new role within the Company. Following this news, Home Capital stock price dropped $1.10 per share, or 7.74%, to close at $13.10 on April 24, 2017. On April 26, 2017, Home Capital revealed that it was seeking a $2 billion credit line to backstop a significant decline in deposits at its Home Trust subsidiary. Following this news, Home Capital stock price dropped $8.68 per shares, or 66.25%, to close at $4.42 on April 26, 2017.
If you are aware of any facts relating to this investigation, or purchased shares of Home Capital, you can assist this investigation by visiting the firm's site: www.bgandg.com/hmcbf. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC