-

Velocity Financial Announces the Dismissal of Class Action Lawsuit

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE: VEL), (“Velocity” or the “Company”), a leading provider of small balance investor loans, today announced that a motion to dismiss the class action lawsuit brought against the Company, its Directors at the time of the Company’s IPO, its former controlling shareholder, and its IPO underwriters was granted by the judge presiding over the case (the “Dismissal Order”).

Chris Farrar, President and CEO, stated, “We are very pleased that the judge in the case agreed the lawsuit was without merit and granted our request for dismissal. Velocity takes its disclosure obligations seriously and will continue to be transparent with investors.”

As previously disclosed in the Company’s SEC filings, the Company, certain of its directors at the time of the IPO, its former controlling shareholder and its IPO underwriters were named as defendants in a securities class action lawsuit filed in the United States District Court for the Central District of California, captioned Edward A. Berg v. Velocity Financial, Inc. et al., Civil Action No. 2:20-cv-06780-RGK-PLA (filed on July 29, 2020). The Dismissal Order was entered on January 25, 2021.

The Company and its directors were represented in this matter by the law firm of Simpson Thacher & Bartlett LLP.

About Velocity Financial, Inc.

Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that originates and manages investor loans secured by 1-4 unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers it has built and refined over 15 years.

Contacts

Investors and Media:
Chris Oltmann
(818) 532-3708

Industry:

Velocity Financial, Inc.

NYSE:VEL
Release Versions
English

Contacts

Investors and Media:
Chris Oltmann
(818) 532-3708

More News From Velocity Financial, Inc.

Velocity Enters into Agreements to Acquire Toorak’s Operating Platform and Manage Toorak’s $3 Billion Business-Purpose Loan Portfolio

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE: VEL; “Velocity” or the “Company”) today announced a definitive agreement to acquire the operating platform of Toorak Capital LLC (“Toorak”), a business-purpose lending and asset management platform which is majority owned by funds advised by affiliates of KKR, a leading global investment firm. Toorak has also entered into separate agreements with a third-party investment firm for the purchase of Toorak’s existing portfol...

Velocity Financial, Inc. Reports Second Quarter 2026 Results

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE: VEL) (Velocity or the Company), a leader in business purpose loans, reported net income of $25.2 million and core net income of $27.9 million for 2Q26, compared to $26.0 million and $27.5 million, respectively, for 2Q25. Earnings and core earnings per diluted share were $0.64 and $0.71 for 2Q26, compared to $0.69 and $0.73, respectively, for 2Q25. “Velocity continued to deliver impressive earnings in the second quarter o...

Velocity Financial, Inc. Announces Date of Second Quarter 2026 Financial Results Webcast and Conference Call

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE:VEL) (“Velocity” or “Company”), a leader in investor real estate loans, will release its second quarter 2026 results after the market close on Wednesday, August 5, 2026. Velocity’s executive management team will host a conference call and webcast to review its financial results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on the same day. Webcast Information The conference call will be webcast live in listen-only mo...
Back to Newsroom