Shupe v. Rocket Companies, Inc. et al

  1. October 30, 2024

    Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit

    Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.

  2. October 17, 2024

    Rocket Investors Eye New Cert. Bid After Post-Goldman Denial

    A pension fund has asked a Michigan federal judge for another chance at class certification in a suit alleging Rocket Cos. hid its knowledge of a drop in its mortgage business, saying the new class would be "substantially narrowed" after certification was previously denied in light of a recent U.S. Supreme Court decision.

  3. October 01, 2024

    Rocket Cos. Investors Lose Cert Bid In Post-Goldman Ruling

    A Michigan federal judge has declined to grant class status to Rocket Cos. investors suing over the company's post-pandemic loan portfolio, saying that optimistic statements about the firm's future were too generic to be relied upon in light of a recent U.S. Supreme Court ruling in Goldman Sachs' favor that dealt with a similar issue.

  4. July 17, 2024

    Rocket Mortgage Says Results Refute Investors' Fraud Claims

    Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.

  5. July 16, 2024

    Rocket Cos. Investors Drop CEO Retweet Claims From Suit

    Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.

  6. January 29, 2024

    Rocket Investors Want Class Cert. Despite Meme Stock Surge

    Rocket Mortgage shareholders said a social media-driven surge in the company's stock price shouldn't tank a class certification bid, because even during the so-called meme stock event, the stock price still reflected alleged misrepresentations about the mortgage lender's financial health.

  7. December 11, 2023

    Rocket Mortgage Says Reddit 'Frenzy' Dooms Class Cert. Bid

    Rocket Mortgage has asked a Michigan federal judge to nix a class certification bid in investor litigation alleging the company hurt investors by hiding a downturn in demand for certain loans, arguing that a Reddit "frenzy" over its shares is a sign it was trading in an inefficient market during some of the proposed class period.

  8. August 31, 2023

    Rocket Mortgage Investors Seek Cert. In Loan Downturn Suit

    Investors in the parent company of Rocket Mortgage have asked a Michigan federal judge to certify their proposed class in a suit alleging the company failed to disclose a downturn in demand for certain loans, hurting shareholders after trading prices for its shares fell once the company acknowledged the trend's damage to its revenues.

  9. July 05, 2023

    Rocket Mortgage Can't Trim Investors' Fraud Suit

    A Michigan federal judge has denied Rocket Mortgage's renewed bid to whittle down the number of actionable statements in a securities fraud suit against it, ruling that the request was not worth considering because it would not change the fact that the lender must face investor claims.