DEADLINE: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Opendoor Technologies Inc. of Deadline in Securities Fraud Class Action Lawsuit and Encourages Investors with Substantial Losses to Contact the Firm
The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Opendoor Technologies Inc. ("Opendoor") (NASDAQ: OPEN). The action charges Opendoor with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Opendoor's materially misleading statements and omissions to the public, Opendoor investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR OPENDOOR LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/opendoor-technologies-inc?utm_source=PR&utm_medium=link&utm_campaign=open&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: DECEMBER 6, 2022
CLASS PERIOD: DECEMBER 21, 2020 THROUGH SEPTEMBER 16, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
OPENDOO'S ALLEGED MISCONDUCT
Then, on September 19, 2022, citing a review of industry data, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022 (as measured by the prices at which it bought and sold properties). Bloomberg further reported that the data was even worse in key markets such as Los Angeles, California, where Opendoor lost money on 55% of sales, and Phoenix, Arizona, where it lost money on 76% of sales. Worse, a global real estate tech strategist interviewed by Bloomberg, Mike DelPrete, predicted that, based on his analyses, September would likely be even worse for Opendoor than August. Bloomberg's findings evidenced the failure of Opendoor's Algorithm to adjust accurately to changing market conditions. Following the Bloomberg report, Opendoor's stock price fell $0.50 per share, or 12.32%, over the following two trading sessions, to close at $3.56 per share on September 20, 2022-an 88.61% decline from the company's first post-Merger closing stock price of $31.25 per share on December 21, 2020.
According to the complaint, 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: (1) the Algorithm could not accurately adjust to changing house prices across different market conditions and economic cycles; (2) as a result, the company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; (3) accordingly, Defendants overstated the purported benefits and competitive advantages of the Algorithm; and (4) 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.
WHAT CAN I DO?
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
IDEA SHOWCASE RECEPTION AND PITCH EVENT - Open to all Badge Holders - Sponsored by IKIN
VoIP in Finance : How Bloomberg uses Asterisk to help Connect Finance Professionals
Session Details TBA