LOS ANGELES, CA / ACCESSWIRE / November 30, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Opendoor Technologies Inc. ("Opendoor" or "the Company") (NASDAQ:OPEN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between December 21, 2020 and September 16, 2022, inclusive (the ''Class Period'') and/or Opendoor common stock pursuant and/or traceable to the Offering Documents 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"), are encouraged to contact the firm before December 6, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Opendoor's algorithm to make offers on residential properties was incapable of accurately adjusting to market conditions and economic cycles. The Company was at risk of significant losses due to market fluctuations due to this deficiency. The Company overstated the capabilities of its algorithm. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Opendoor, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm