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Shupe v. Rocket Companies, Inc. et al
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July 28, 2025
A pension fund that had previously attempted to lead a suit in Michigan federal court against Rocket Companies Inc. has agreed to drop all its claims in the shareholder litigation accusing the mortgage business of concealing a downturn in loan volume.
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April 17, 2025
A Michigan federal judge on Thursday said a pension fund trying to take over as lead plaintiff in a suit against mortgage business Rocket Companies Inc. does not need the court's permission to file a renewed class certification motion, but it "does so at its own peril."
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January 22, 2025
A showdown in the Ninth Circuit over a recent U.S. Supreme Court decision, an expected Sixth Circuit ruling on a bribery scandal and the possible consolidation of lawsuits targeting broker's cash sweeps programs are among the many legal disputes that securities attorneys are keeping a close eye on in 2025.
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October 30, 2024
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.
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October 17, 2024
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.
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October 01, 2024
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.
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July 17, 2024
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.
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July 16, 2024
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.
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January 29, 2024
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.
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December 11, 2023
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.