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NEW YORK, Aug. 05, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased On Deck Capital, Inc. (“On Deck” or the “Company”) (NYSE:ONDK) securities pursuant and/or traceable to On Deck’s Registration Statement and Prospectus issued in connection with the Company’s December 16, 2014 initial public offering (“IPO”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933 (the “1933 Act”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the true rate of default for the Company’s loan portfolio was steadily increasing; (2) the true value of the Company’s loan portfolio was in material decline; and (3) as a result of the foregoing, On Deck’s public statements were materially false and misleading at all relevant times.
On February 11, 2015, less than two months after the IPO, SeekingAlpha.com published an article entitled “On-Deck Capital: Bad Loans, Bad Interest Rates, Bad Business Plan.” The article described, in part, how the Company’s Registration Statement significantly understated the default rate for the Company’s loan portfolio.
If you wish to serve as lead plaintiff, you must move the Court no later than October 5, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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