Opendoor Technologies, Inc. (OPEN)
Class Action & Lead Plaintiff Deadline: December 6, 2022
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Opendoor Technologies, Inc. (“Opendoor” or the “Company) (NASDAQ: OPEN) and certain of its officers, on behalf of all persons and entities that purchased, or otherwise acquired :(a) Opendoor securities between December 21, 2020 and September 16, 2022, both dates inclusive (the “Class Period”); and/or (b) Opendoor common stock pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the business combination between the Company and Opendoor Labs Inc. (“Legacy Opendoor”) completed on or about December 18, 2020 (the “Merger”). Such investors are encouraged to join this case.
This class action seeks to recover damages against Defendants for alleged violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that the Offering Documents for the Merger were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) the algorithm (“Algorithm”) used by the Company to make offers for homes could not accurately adjust to changing house prices across different market conditions and economic cycles; (ii) as a result, the Company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; (iii) accordingly, Defendants overstated the purported benefits and competitive advantages of the Algorithm; and (iv) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Opendoor you have until December 6, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.