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NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who have purchased or otherwise acquired: (a) Opendoor Technologies Inc. (“Opendoor” or the securities of the “Company”) between December 21, 2020 and September 16, 2022, both dates inclusive (the “Collection Period”); and/or (b) Opendoor common stock pursuant to and/or attributable to the offering documents issued in connection with the business combination between the Company and Opendoor Labs Inc. (“Legacy Opendoor”) that took place on or about December 18, 2020 has been completed (the “Merger”). The lawsuit was filed in the United States District Court for the District of Arizona alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Opendoor was formerly known as Social Capital Hedosophia Holdings Corp. II (“SCH”) and was operated as a special purpose vehicle (“SPAC”), also known as a blank check company. On September 15, 2020, the Company, then known as SCH, and Legacy Opendoor, a private company operating as a digital residential real estate platform, announced that they had entered into a definitive merger agreement (the “Agreement”), in Legacy’s review became Opendoor with an enterprise value of $4.8 billion.

On October 5, 2020, the Company filed a registration statement on Form S-4 with the SEC in connection with the Merger, which, after several amendments, was effective by the SEC on November 27, 2020 (the “Registration Statement”). . On November 30, 2020, the Company filed a proxy statement/prospectus on Form 424B3 with the SEC in connection with the merger, which was a part of the registration statement (the “Power of Attorney” and together with the Registration Statement).