San Diego, CA -- (SBWIRE) -- 05/10/2023 -- An update was announced in the lawsuit that is pending for certain investors in shares of Opendoor Technologies Inc. (NASDAQ: OPEN).

Investors who purchased shares of Opendoor Technologies Inc. (NASDAQ: OPEN) in connection with the business combination between the Company and Opendoor Labs Inc. ("Legacy Opendoor") completed on or about December 18, 2020 (the "Merger") should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.