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Rocket’s Gilbert Must Face Insider Trading Suit, Judge Rules

Sunday, Apr 23 2023
Lending
Written by  The Mortgage Leader

A class action shareholder lawsuit claiming insider trading by Rocket Companies, Rocket Holdings, chairman Dan Gilbert and Rocket CEO Jay Farner may go ahead, a Detroit federal judge has ruled. So reports The Detroit News.

Rocket Loans 150x150At the same time, U.S. District Court Judge Thomas Ludington tossed the lawsuit’s allegations against Rocket Mortgage CEO Bob Walters and former chief financial officer Julie Booth, now an advisor to the organization.

The complaint claims that the defendants “artificially inflated the price of Rocket Class A common stock by publicly misrepresenting numerous adverse facts" in 2021. A lawyer for Gilbert and the others denies all claims.

Read the full article from The Detroit News.

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