Complaint — No. 1:23-cv-02773 (Dkt. 1, S.D.N.Y.)

Summary

A complaint for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 brought by Emily Whitehead against Ready Capital Corporation and its Board of Directors, Case No. 1:23-cv-02773-LGS, in the U.S. District Court for the Southern District of New York, filed April 3, 2023 as Document 1. It concerns Ready Capital's proposed acquisition of Broadmark Realty Capital Inc., under which each Broadmark share would be exchanged for 0.47233 shares of Ready Capital common stock. The complaint alleges that the S-4 registration statement filed March 27, 2023 omits line items underlying management's Distributable Earnings projections and details of the valuation work by Wells Fargo Securities. It seeks to enjoin the stock issuance and transaction until disclosure is made, or rescissory damages, and demands a jury trial; it is signed by Shane T. Rowley of Rowley Law PLLC.

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