{"id":11713,"date":"2020-08-03T19:45:00","date_gmt":"2020-08-03T19:45:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2020\/08\/03\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\/"},"modified":"2020-08-03T19:45:00","modified_gmt":"2020-08-03T19:45:00","slug":"vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2020\/08\/03\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\/","title":{"rendered":"VEL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Velocity Financial, Inc."},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Aug. 3, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the common stock of Velocity Financial. (&#8220;Velocity&#8221; or the &#8220;Company&#8221;) (NYSE: VEL) issued in connection with Velocity&#8217;s <span class=\"xn-chron\">January 2020<\/span> IPO (the &#8220;Offering Materials&#8221;).\u00a0 The lawsuit filed in <span class=\"xn-location\">the United States<\/span> District Court for the Central District of <span class=\"xn-location\">California<\/span> alleges violations of the Securities Act of 1933.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n                        <a href=\"https:\/\/mma.prnewswire.com\/media\/616919\/Bernstein_Liebhard_LLP_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/616919\/Bernstein_Liebhard_LLP_Logo.jpg\" title=\"Bernstein Liebhard LLP.  (PRNewsFoto\/Bernstein Liebhard LLP) (PRNewsfoto\/Bernstein Liebhard LLP)\" alt=\"Bernstein Liebhard LLP.  (PRNewsFoto\/Bernstein Liebhard LLP) (PRNewsfoto\/Bernstein Liebhard LLP)\"\/><\/a>\n                <\/p>\n<\/p><\/div>\n<p>If you <b>purchased Velocity securities, and\/or would like to discuss your legal rights and options<\/b> please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2875250-1&amp;h=3068596962&amp;u=https%3A%2F%2Fwww.bernlieb.com%2Fcases%2Fvelocityfinancial-vel-shareholder-class-action-lawsuit-stock-fraud-287%2Fapply%2F&amp;a=Velocity+Shareholder+Class+Action+Lawsuit\" rel=\"nofollow\">Velocity Shareholder Class Action Lawsuit<\/a> or contact <a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\"><span class=\"xn-person\">Matthew E. Guarnero<\/span><\/a> toll free at <b>(877) 779-1414<\/b> or <a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\">MGuarnero@bernlieb.com<\/a>. <\/p>\n<p>According to the lawsuit, the Registration Statement featured false and\/or misleading statements and\/or failed to disclose: (1) that a significantly higher proportion of its loan portfolio had become non-performing loans; and (2) any information regarding the onset of the coronavirus, including whether the coronavirus was adversely impacting the real estate market or the Company&#8217;s business, operations or financial condition.<\/p>\n<p>On <span class=\"xn-chron\">May 13, 2020<\/span> Velocity issued a release and investor presentation and held an earnings call providing the Company&#8217;s financial and operational results for the first quarter of 2020.\u00a0 The Company stated that its net income decreased 50% sequentially during the quarter to just <span class=\"xn-money\">$2.6 million<\/span>.\u00a0 The Company also confirmed that the suspension of loan origination would continue for an indeterminate amount of time, effectively halting all potential growth in the Company&#8217;s loan portfolio.\u00a0 In addition, the Company stated that its proportion of non-performing loans had accelerated to <span class=\"xn-money\">$174 million<\/span>, nearly double the unpaid principal amount year over year, and constituted 8.17% of the Company&#8217;s total portfolio, 252 basis points over the prior year.\u00a0 Velocity&#8217;s portfolio yield also fell 32 basis points sequentially to 8.57% due in substantial part to the rising number of non-performing loans.<\/p>\n<p>If you wish to serve as lead plaintiff, you must move the Court no later than <span class=\"xn-chron\">September 28, 2020<\/span>. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn&#8217;t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.<\/p>\n<p>If you <b>purchased Velocity securities, and\/or would like to discuss your legal rights and options<\/b> please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2875250-1&amp;h=137345407&amp;u=https%3A%2F%2Fwww.bernlieb.com%2Fcases%2Fvelocityfinancial-vel-shareholder-class-action-lawsuit-stock-fraud-287%2Fapply%2F&amp;a=https%3A%2F%2Fwww.bernlieb.com%2Fcases%2Fvelocityfinancial-vel-shareholder-class-action-lawsuit-stock-fraud-287%2Fapply%2F\" rel=\"nofollow\">https:\/\/www.bernlieb.com\/cases\/velocityfinancial-vel-shareholder-class-action-lawsuit-stock-fraud-287\/apply\/<\/a> or contact <a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\"><span class=\"xn-person\">Matthew E. Guarnero<\/span><\/a> toll free at <b>(877) 779-1414<\/b> or <a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\">MGuarnero@bernlieb.com<\/a>. <\/p>\n<p>Since 1993, Bernstein Liebhard LLP has recovered over <span class=\"xn-money\">$3.5 billion<\/span> for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to\u00a0<i>The National Law Journal&#8217;s<\/i>\u00a0&#8220;Plaintiffs&#8217; Hot List&#8221; thirteen times and listed in\u00a0<i>The Legal 500\u00a0<\/i>for ten consecutive years.<\/p>\n<p>ATTORNEY ADVERTISING. \u00a9 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, <span class=\"xn-location\">New York, New York<\/span> 10016, (212) 779-1414. The lawyer responsible for this advertisement in the <span class=\"xn-location\">State of Connecticut<\/span> is Michael S. Bigin.\u00a0 Prior results do not guarantee or predict a similar outcome with respect to any future matter.<\/p>\n<p>Contact Information<br \/><a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\"><span class=\"xn-person\">Matthew E. Guarnero<\/span><\/a><br \/>Bernstein Liebhard LLP<br \/><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2875250-1&amp;h=3175117099&amp;u=https%3A%2F%2Fwww.bernlieb.com%2F&amp;a=https%3A%2F%2Fwww.bernlieb.com\" rel=\"nofollow\">https:\/\/www.bernlieb.com<\/a><br \/>(877) 779-1414<br \/><a target=\"_blank\" href=\"mailto:MGuarnero@bernlieb.com\" rel=\"nofollow\">MGuarnero@bernlieb.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<\/div>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC81574&amp;sd=2020-08-03\"\/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc-301105096.html\">http:\/\/www.prnewswire.com\/news-releases\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc-301105096.html<\/a><\/p>\n<p>SOURCE  Bernstein Liebhard LLP<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC81574&amp;Transmission_Id=202008031945PR_NEWS_USPR_____DC81574&amp;DateId=20200803\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Aug. 3, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the common stock of Velocity Financial. (&#8220;Velocity&#8221; or the &#8220;Company&#8221;) (NYSE: VEL) issued in connection with Velocity&#8217;s <span class=\"xn-chron\">January 2020<\/span> IPO (the &#8220;Offering Materials&#8221;).\u00a0 The lawsuit filed in <span class=\"xn-location\">the United States<\/span> District Court for the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-11713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geovanny-vicente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VEL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Velocity Financial, Inc. - Multisitio 2<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wordpress2.hdnweb.com\/en\/2020\/08\/03\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VEL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Velocity Financial, Inc. - Multisitio 2\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Aug. 3, 2020 \/PRNewswire\/ --\u00a0Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the common stock of Velocity Financial. (&quot;Velocity&quot; or the &quot;Company&quot;) (NYSE: VEL) issued in connection with Velocity&#039;s January 2020 IPO (the &quot;Offering Materials&quot;).\u00a0 The lawsuit filed in the United States District Court for the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wordpress2.hdnweb.com\/en\/2020\/08\/03\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\/\" \/>\n<meta property=\"og:site_name\" content=\"Multisitio 2\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-03T19:45:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wordpress2.hdnweb.com\/wp-content\/uploads\/2020\/05\/11713_1_17183.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"597\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"venred\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"venred\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/\"},\"author\":{\"name\":\"venred\",\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/#\\\/schema\\\/person\\\/c112e8e970f2cfc8553cdb5392b493ad\"},\"headline\":\"VEL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Velocity Financial, Inc.\",\"datePublished\":\"2020-08-03T19:45:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/\"},\"wordCount\":596,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/11713_1_17183.jpg\",\"articleSection\":[\"Geovanny Vicente\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/en\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/\",\"url\":\"https:\\\/\\\/wordpress2.hdnweb.com\\\/en\\\/2020\\\/08\\\/03\\\/vel-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-velocity-financial-inc\\\/\",\"name\":\"VEL INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Velocity Financial, Inc. - 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