WILMINGTON, Del., Aug. 17, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of On Deck Capital, Inc. (NYSE: ONDK)?
- Did you purchase your shares in connection with the December 16, 2014 initial public offering?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of On Deck Capital, Inc. ("On Deck" or the "Company") (NYSE: ONDK) in connection with the Company's December 16, 2014 initial public offering ("IPO"), alleging violations of the Securities Exchange Act of 1933 against the Company and certain of its officers (the "Complaint").
If you purchased shares of On Deck in connection with the IPO, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/on-deck-capital-inc-ondk.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on February 11, 2015, less than two months after the IPO, SeekingAlpha.com published an article which described, in part, how the Company's Registration Statement significantly understated the default rate for the Company's loan portfolio.
Then, on March 18, 2015, Compass Point Research & Trading, LLC published a research report that detailed concerns with On Deck's business model, including inherent risks surrounding an untested credit model, growing competition, uncertainty with regard to interest rates, and anticipated regulatory threats, all of which create a risky environment for On Deck investors. According to the report, On Deck's unsustainable business model could ultimately lead to slower growth and higher expenses.
On July 1, 2015, barely six months after the IPO, On Deck common stock dropped to a low of $11.15 per share, a decline of over 40% from the IPO price and of over 60% from its almost $29 per share high on December 18, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than October 5, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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SOURCE Rigrodsky & Long, P.A.