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Resource Capital Corp (NYSE: RSO) Investor Securities Class Action Lawsuit 09/09/2015

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of July 23, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Resource Capital Corp.
Security
NYSE: RSO

Case Name
Resource Capital Shareholder Class Action Lawsuit 09/09/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
resource_capital_corp_settlement_notice_4_2018.pdf
Settlement Proof
resource_capital_corp_settlement_proof_4_2018.pdf
Filed Complaint
resource_capital_corp_original_filing_edited_9_2015.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$9,500,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

April 3, 2018 - The court preliminarily approved the settlement.

February 5, 2018 - A stipulation of settlement was filed by the parties.

June 1, 2017 - A second amended complaint was filed.

October 5, 2016 - The court denied defendants' motion to dismiss.

April 12, 2016 - A motion to dismiss the amended complaint was filed.

February 12, 2016 - An amended complaint was filed.

September 9, 2015 - An investor in shares of Resource Capital Corp (NYSE: RSO) filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Resource Capital Corp in connection with certain allegedly false and misleading statements made between March 2, 2015 and August 4, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Resource Capital Corp (NYSE: RSO) common shares between March 2, 2015 and August 4, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 2, 2015 and August 4, 2015 issued allegedly materially false and misleading statements and/or failed to disclose material information regarding the risk of Resource Capital Corp’s commercial loans portfolio and its processes and controls for assessing the quality of its portfolio.

On August 5, 2015, Resource Capital Corp announced a net loss of $0.24 per share during the quarter ended June 30, 2015 caused by a charge of more than $41 million stemming from the impairment of a loan made to a luxury hotel in Puerto Rico. As a result of this news, Resource Capital Corp’s stock price plunged approximately 12% from its August 4, 2015 closing price of $3.48 to close at $3.05 per share on August 5, 2015. Resource Capital Corp reported that its annual Total Revenue rose from $144.25 million in 2013 to $144.92 million in 2014 and that its Net Income increased from $46.45 million in 2013 to $61.20 million in 2014.

On September 11, 2015, Shares of Resource Capital Corp (NYSE: RSO) closed at $13.06 per share.

resource_capital_corp_original_filing_edited_9_2015.pdf
Date Settled