Complaint — No. 1:25-cv-02429 (Dkt. 1, D. Md.)

Summary

A verified shareholder derivative complaint brought by Kevin Cote on behalf of Ready Capital Corporation against its officers and directors Case No. 1:25-cv-02429-JRR, in the U.S. District Court for the District of Maryland, filed July 24, 2025 as Document 1. It alleges breaches of fiduciary duty, waste, unjust enrichment and violations of Sections 10(b) and 20(a) of the Exchange Act between August 8, 2024 and March 2, 2025. The complaint alleges that the defendants touted improving credit metrics until a March 3, 2025 press release reported a net loss of $1.80 per share for the fourth quarter and approximately $284 million in CECL and valuation allowances, after which the stock fell $1.86 per share. It also alleges the company overpaid by approximately $13.7 million in stock repurchases, and cites a pending securities class action, Case No. 1:25-cv-01883-PAE.

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