SAN DIEGO, Dec. 04, 2022 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Opendoor Technologies Inc. (NASDAQ: OPEN; OPENW) securities between December 21, 2020 and September 16, 2022, inclusive (the “Class Period”) have until this upcoming Tuesday, December 6, 2022 to seek appointment as lead plaintiff. The Opendoor class action lawsuit charges defendants with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934. The first-filed complaint is captioned Alich v Opendoor Technologies Inc., No. 22-cv-01717 (D. Ariz.), and a subsequently filed complaint is captioned Oakland County Voluntary Employees’ Beneficiary Association v. Opendoor Technologies Inc., No. 22-cv-01987 (D. Ariz.).
If you suffered substantial losses and wish to serve as lead plaintiff of the Opendoor class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com.
CASE ALLEGATIONS: Opendoor was formerly known as Social Capital Hedosophia Holdings Corp. II (“SCH”) and operated as a special purpose acquisition company (“SPAC”), also called a blank-check company. On September 15, 2020, Opendoor, then still operating as SCH, and Legacy Opendoor, a private company operating as a digital platform for residential real estate, announced their entry into a definitive agreement for the Merger, which valued Legacy Opendoor at an enterprise value of $4.8 billion. Following the Merger, Opendoor has operated a digital platform for buying and selling residential real estate in the United States.
The Opendoor class action lawsuit alleges offering documents and defendants themselves made false and/or misleading statements and/or failed to disclose that: (i) the algorithm used by Opendoor to make offers for homes could not accurately adjust to changing house prices across different market conditions and economic cycles; (ii) as a result, Opendoor was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; and (iii) accordingly, defendants overstated the purported benefits and competitive advantages of the algorithm.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Opendoor securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Opendoor class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Opendoor class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Opendoor class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
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