MONSEY, NY, Sept. 21, 2022 (GLOBE NEWSWIRE) — The law firm Wohl & Fruchter LLP is investigating whether Opendoor Technologies Inc. OPEN (“Opendoor”) has violated federal securities laws. If you have suffered losses as a result of OPEN’s recent price declines and have questions about your legal rights, please contact us at the link below to discuss your options free of charge:

https://wohl Fruchter.com/cases/opendoor-technologies/

Alternatively, you can contact us by phone at 866-833-6245 or email at alerts@wohl Fruchter.com.

Why is there an investigation?

Opendoor makes instant offers to homeowners in a process known as “iBuying,” using algorithms that allegedly allow Opendoor to accurately estimate home values.

On August 4, 2022, after the markets had closed, Opendoor’s Chief Executive Officer (Eric Wu) and Chief Financial Officer (Carrie Wheeler) issued a letter (“Letter of August 4th”) to shareholders, in which They pointed out that “the housing market moved quickly in response to the Fed’s aggressive rate hikes to curb inflation, leading to a sharp rise in mortgage rates, which in turn caused the home transaction rate to slow and home prices to rise less than all-time highs.” led in the year.”

However, the August 4 letter reassured Opendoor shareholders that “[o]Our investments in our platform have enabled an agile and cost-effective operating system that allows us to gracefully scale up and down across seasons and cycles,” and “[w]With our responsive pricing strategies, flexible operating model, low cost structure and strong balance sheet, we are ready and well positioned to navigate near-term volatility and invest in the future of our platform.”

On a conference call after the market closed on August 4, 2022, Ms. Wheeler assured an analyst that even in the current volatile market, “our systems are doing exactly what they were designed to do, which is reacting and adjusting very, very quickly to market prices and we have…