BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Rocket Companies, Inc. (“Rocket” or the “Company”) (NYSE: RKT) investors concerning the Company’s possible violations of federal securities laws.
On May 5, 2021, Rocket announced first quarter 2021 financial results and second quarter 2021 outlook in a press release, reporting that it expected closed loan volume within a range of only $82.5 billion and $87.5 billion and gain on sale margins within a range of only 2.65% to 2.95% for the second quarter of 2021. The midpoint of this gain on sale margin estimate represented a 239 basis point decline year-over-year and a 94 basis point decline sequentially, which was Rocket’s lowest quarterly gain on sale margin in two years and reflected that favorable market conditions recently touted by the Company had in fact reversed.
On this news, the Company’s stock price fell $3.79, or nearly 17%, to close at $19.01 per share on May 6, 2021.
If you purchased Rocket Companies Class A common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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