A shareholder sued Rocket Mortgage, the Detroit-based mortgage behemoth, for allegedly making misleading disclosures to conceal adverse market conditions.

The class action-seeking lawsuit, which was filed in the Eastern District Of Michigan’s Southern Division, alleges that Rocket was aware of factors that were already taking a toll on its business, while touting its future performance to investors. It also accuses Rocket founder and former CEO Dan Gilbert of concealing adverse market conditions from the public when he sold $500 million in company stock in March.

The lawsuit names Rocket, as well as Jay Farner, Rocket CEO; Julie Booth, details ⇒

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