BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Home Capital Group Inc. (“Home Capital” or the “Company”) (Other OTC: HMCBF) investors concerning the Company and its officers’ possible violations of federal securities laws.
On February 10, 2017, Home Capital revealed that the Ontario Securities Commission ("OSC") had found that the Company failed to meet its disclosure obligations in both 2014 and 2015. Home Capital also disclosed that it had been served by the OSC with an enforcement notice related to a disclosure in 2015 about loan applications that had been falsified.
On March 27, 2017, Home Capital announced that the Company’s Chief Executive Officer ("CEO"), Martin Reid would be resigning from his role.
On April 19, 2017, the OSC alleged that Chief Financial Officer ("CFO") Robert Morton and two former CEOs of Home Capital, Gerald Soloway and Martin Reid, had misled shareholders during their tenures.
On April 24, 2017, Home Capital announced that Gerald Soloway, the Company's founder, was stepping down from Home Capital's board, and that CFO Robert Morton would be reassigned to a new role within the Company.
On April 26, 2017, Home Capital disclosed that the Company was trying to secure a $2 billion line of credit to safeguard against a significant decline in deposits at the Company’s Home Trust subsidiary.
On news of these disclosures, Home Capital shares declined in value, thereby damaging investors.
If you purchased Home Capital securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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