Levi & Korsinsky, LLP announces that an OPEN class action lawsuit has been filed on behalf of investors who purchased Opendoor Technologies Incorporated (OPEN) This lawsuit is on behalf of a class consisting of all persons and entities other than the defendants that purchased or otherwise acquired: (a) Opendoor securities between December 21, 2020, and September 16, 2022, both dates inclusive and/or (b) Opendoor common stock pursuant and/or traceable to documents issued in connection with the business combination between the Company and Opendoor Labs Inc. completed on or about December 18, 2020. For more on the OPEN Lawsuit please contact us today.
According to the Opendoor lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the 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; (iv) as a result, documents issued in connection with the merger between the Company and Opendoor Labs Inc. and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
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.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171