Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Opendoor Technologies Inc. (OPEN) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of Opendoor Technologies Inc. (“Opendoor” or the “Company”) (NASDAQ: OPEN) investors who purchased: (a) securities between December 21, 2020 and September 16, 2022, inclusive (the “Class Period”); and/or (b) common stock pursuant 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. Opendoor investors have until December 6, 2022 to file a lead plaintiff motion.

If you suffered a loss on your Opendoor investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/opendoor-technologies-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On September 19, 2022, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022, further stating that data was even worse in key markets, where Opendoor lost money on up to 76% of sales. The findings evidenced the failure of Opendoor’s algorithm to accurately adjust to changing market conditions.

On this news, Opendoor’s stock fell $0.50, or 12.3%, over the next two consecutive trading days, to close at $3.56 per share on September 20, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants failed to disclose to investors that: (1) the 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; (2) as a result, the Company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; (3) accordingly, Defendants overstated the purported benefits and competitive advantages of the algorithm; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Opendoor securities during the Class Period, you may move the Court no later than December 6, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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