RADNOR, Pa., Sept. 02, 2015 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against On Deck Capital, Inc. (NYSE:ONDK) (“On Deck” or the “Company”) on behalf of purchasers of the Company’s common stock, who purchased or acquired their shares pursuant or traceable to On Deck’s Initial Public Offering (“IPO”) on December 16, 2014.
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/on-deck-capital-inc.
On December 16, 2014, On Deck completed its IPO, selling 11.5 million shares of common stock to investors at $20 per share. In connection with the IPO, On Deck filed a Registration Statement and Prospectus with the SEC (collectively, the “Offering Materials”).
The complaint alleges that the Offering Materials contained untrue statements of material fact and omitted to state material facts required to be disclosed. Specifically, the complaint alleges that the Offering Materials failed to disclose shifts in the Company’s lending practices to less profitable channels and longer term loans, which were negatively affecting, among other things, On Deck’s interest rate spread, effective interest yield, annual percentage rates and earnings.
Shortly after the IPO, On Deck reported a series of disappointing financial and operational results, and disclosed that it was experiencing a declining interest yield caused by the Company’s shift to less profitable channels and longer term loans. Following those disclosures, shares of On Deck’s common stock significantly declined.
Members of the class may, no later than October 5, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 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.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT: Kessler Topaz Meltzer & Check, LLP Darren J. Check, Esq. D. Seamus Kaskela, Esq. Adrienne O. Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299 - 7706 (610) 667 - 7706 firstname.lastname@example.org
Source:Kessler Topaz Meltzer & Check LLP