NEW YORK, Oct. 27, 2015 (GLOBE NEWSWIRE) — Morgan & Morgan reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Resource Capital Corp. (“Resource Capital” or the “Company”) (NYSE:RSO) common stock from March 2, 2015 through August 4, 2015, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Resource Capital investors under the federal securities laws.
If you purchased Resource Capital common stock during the Class Period, you may, no later than November 9, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Resource Capital Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email email@example.com.
The complaint alleges that throughout the Class Period, Resource Capital and certain of its executive officers and directors issued materially false and/or misleading information regarding the risk of the Company’s commercial loans portfolio and its processes and controls for assessing the quality of its portfolio. On August 4, 2015, Resource Capital disclosed a GAAP net loss of $31.0 million during the quarter ended June 30, 2015, citing the recording of a $41.1 million allowance for loan loss.
Following this news, the price of Resource Capital common stock fell from $3.48 per share on August 4, 2015, to a close of $3.05 per share on August 5, 2015.
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