NEW YORK, October 18, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) investigates claims on behalf of investors of Opendoor Technologies, Inc. (“Opendoor” or the “Company”) OPEN. A class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Opendoor Securities between December 21, 2020 and September 16, 2022 inclusive (the “Class Period”); and/or Opendoor common stock pursuant to and/or traceable to the offering documents issued in connection with the business combination between the Company and Opendoor Labs Inc., completed on or about December 18, 2020 (the “Merger”).
If you have acquired Opendoor common stock or other securities and and would like to discuss our investigation or your rights to compensation, please click below:
Investigation of Opendoor Technologies
Or contact us by email pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll-free number 1-800-290-1952.
If you are a member of the proposed class, you can move the court by December 6, 2022 at the latest to serve as lead plaintiff for the alleged class. You do not have to seek lead plaintiff to participate in a possible recovery.
According to the September 19, 2022 complaint, citing a review of industry data, Bloomberg reported that the company appeared to have lost money on 42% of its transactions in August 2022 (measured by the prices at which it bought and sold properties). Further, according to the complaint, Bloomberg 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 Opendoor lost money on 76% of sales. In addition, the complaint claims Bloomberg’s The results showed that Opendoor’s algorithm could not accurately adapt to changing market conditions.
According to the complaint, following the Bloomberg Opendoor’s stock price reportedly fell $0.50 per share, or 12.32%, over the year.
