On Deck Capital Inc

0 DAYS LEFT TO SEEK LEAD PLAINTIFF STATUS

Case Summary
Company Name: On Deck Capital Inc
Stock Symbol : (NYSE: ONDK)
Class Period Start: 12/16/2014
Class Period End: 08/04/2015
Lead Plaintiff motion: 10/05/2015
Date Filed: 08/04/2015
Type of Case: Securities Class Action
Court: U.S. District Court for the Southern District of New York
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the October 5, 2015 lead plaintiff deadline in a class action lawsuit filed against On Deck Capital Inc (NYSE: ONDK) (“On Deck” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased On Deck securities between December 16, 2014 and October 4, 2015, have until October 5, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased On Deck securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com .  No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that the actual rate of default for On Deck Capital’s loan portfolio was progressively rising and that the real value of On Deck Capital’s loan portfolio was in material decline.  The lawsuit claims that due to a lack of these disclosures,  On Deck Capital’s public statements were materially false and misleading during the time period specified in the complaint. When the true details entered the market, the plaintiff asserts that investors suffered damages.

On December 15, 2014, On Deck filed its amended Registration Statement for the IPO, which became effective on December 17, 2014, trading as NYSE: ONDK. Pursuant to the IPO, 11,500,000 shares of On Deck common stock were sold, including 1,500,000 shares purchased by the Underwriter Defendants at the price to the public of $20.00 per share.  The gross proceeds of the IPO were $230 million. 

On February 11, 2015 SeekingAlpha.com published an article entitled “On-Deck Capital: Bad Loans, Bad Interest Rates, Bad Business Plan.”  The article pointed out that the Company’s Registration Statement, in part, significantly understated the default rate for the Company’s loan portfolio.

On March 18, 2015, a research report was released by Compass Point Research & Trading, LLC (“Compass Point”) that relayed concerns with On Deck’s business model, including unavoidable risks surrounding an untested credit model, growing competition, uncertainty with regard to interest rates, and anticipated regulatory threats, all of which could possibly put On Deck investors at risk of financial losses.  On Deck’s unsustainable business model, according to the Compass Point Report, could ultimately lead to slower growth and higher expenses.  Accordingly, Compass Point assigned a “Sell” rating to On Deck stock.

On July 1, 2015, NYSE: ONDK stock fell to a low of $11.15 per share, or over 40% from the IPO price and over 60% from its near $29 per share high on December 18, 2014. 

If you were negatively impacted by your investment in On Deck securities between December 16, 2014 and October 4, 2015 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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