Welcome to the Home Point Securities Settlement Website
This website has been established to provide general information related to the proposed Settlement of the class action lawsuit referred to as In re Home Point Capital Inc. Securities Litigation, Civ. No. 4:21-cv-11457-SDK-KGA (the “Action”), and pending before the Honorable Shalina D. Kumar in the United States District Court for the Eastern District of Michigan, Southern Division (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated September 14, 2023, which can be found and downloaded by clicking on the Case Documents tab above.
The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Settlement Class Members. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), the Plaintiff filed the operative Amended Class Action Complaint (“Complaint”) on November 9, 2021, alleging violations of §§11 and 15 of the Securities Act of 1933 (the “Securities Act”). More specifically, Plaintiff alleged that the offering documents associated with Home Point’s January 29, 2021 initial public offering (the “IPO”) (collectively, the “Offering Documents”) included false and misleading statements that (i) Home Point’s wholesale mortgage lending operations were low-cost and highly efficient, and (ii) misleadingly omitted Home Point’s expectation that interest rates would increase and adversely affect the Company’s wholesale margins. Plaintiff further alleged that, on May 6, 2021, Home Point announced its financial results for the first quarter of 2021, including disappointing margin and cost results. Plaintiff alleged that, as a result, Home Point’s stock price fell nearly 18% on May 6, 2021, and continued to fall on May 7 and 10, 2021, causing damages to Plaintiff and other members of the class.
If you purchased or otherwise acquired Home Point common stock in Home Point’s IPO, or purchased Home Point common stock after the IPO and on or before June 21, 2021 in the stock market pursuant and/or traceable to the Company’s Offering Documents issued in connection with the IPO, and were alleged to be damaged thereby, you are a Settlement Class Member. Excluded from the Settlement Class are Defendants, the officers and directors of the Company, members of the Individual Defendants’ immediate families and their legal representatives, heirs, predecessors, successors or assigns, and any entity in which the officers and directors of the Company have or had a controlling interest. Also excluded from the Settlement Class is any Person who would otherwise be a Member of the Settlement Class but who validly and timely requests exclusion in accordance with the requirements set forth in the Notice.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement provides that, in exchange for the release of the Released Claims (defined in the Notice) and dismissal of the Litigation with prejudice, Home Point will pay or cause to be paid $5,000,000 in cash to be distributed after Taxes, Tax Expenses, Notice and Administration Expenses, and any Court-approved attorneys’ fees and expenses and Lead Plaintiff award, pro rata, to Settlement Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail in the Notice.
ADDITIONAL INFORMATION
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
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SUBMIT A PROOF OF CLAIM FORM
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The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before April 15, 2024.
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EXCLUDE YOURSELF
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Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties (as defined in the Notice) about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Settlement Class you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before April 23, 2024.
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OBJECT
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Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel on or before April 23, 2024. If you submit a written objection, you may (but do not have to) attend the hearing.
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GO TO THE HEARING ON MAY 14, 2024
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Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before April 23, 2024.
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DO NOTHING
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Receive no payment. You will, however, still be a Member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Party about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.
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IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
April 15, 2024 |
| Request Exclusion: |
April 23, 2024 |
| Submit Objection: |
April 23, 2024 |
| File Notice of Intention to Appear: |
April 23, 2024 |
| Settlement Hearing: |
May 14, 2024 |