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Home Point Capital Inc.

Company NameHome Point Capital Inc.
Stock SymbolHMPT
Class PeriodJanuary 29, 2021 to January 29, 2021
Lead Plaintiff Motion DeadlineAugust 20, 2021

In January 2021, Home Point conducted its IPO, selling 7.25 million shares of common stock for $13.00 per share. 

On May 6, 2021, Home Point announced financial results for the first quarter of 2021, reporting revenue of $324.2 million, which missed consensus estimates by $41.72 million.

On this news, Home Point's stock price fell $1.66, or 17.7%, to close at $7.72 per share on May 6, 2021, significantly below the IPO price.

The complaint filed alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Home Point’s aggressive expansion of its broker partners would increase the Company’s expenses dramatically; (2) as a result of rising interest rates in 2021, the mortgage industry was anticipating decreased gain-on-sale margins industry-wide, and Home Point would be subject to the same competitive pressures; (3) accordingly, Home Point had overstated its business and financial prospects; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

 

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