An investigation on behalf of investors in Opendoor Technologies Inc. (NASDAQ:OPEN) shares over potential wrongdoing at Opendoor Technologies Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/27/2023 -- Certain directors of Opendoor Technologies Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Opendoor Technologies Inc. (NASDAQ: OPEN) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Opendoor Technologies Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
On October 7, 2022, an investor in Opendoor Technologies Inc. (NASDAQ: OPEN) filed a lawsuit against Opendoor Technologies Inc. The plaintiff alleged 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, the plaintiff claims that the Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects.
More specifically, the plaintiff alleges that the Offering Documents and that between December 21, 2020 and September 16, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that the algorithm ("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, that as a result, the Company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations, that accordingly, Defendants overstated the purported benefits and competitive advantages of the Algorithm, and that as a result, the Offering Documents and Defendants' public statements December 21, 2020 and September 16, 2022, were materially false and/or misleading and failed to state information required to be stated therein.
On April 17, 2023, an amended complaint was filed.
Those who purchased shares of Opendoor Technologies Inc. (NASDAQ: OPEN) have certain options and should contact the Shareholders Foundation.
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