LOS ANGELES, Oct. 24, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come December 6, 2022 Deadline for Filing a Complaint by Lead Plaintiff in the Class Action Complaint Filed on Behalf of Opendoor Technologies Inc. (“Opendoor” or the “Company”) OPEN Investors who have purchased: (a) Securities between December 21, 2020 and September 16, 2022, inclusive (the “Class Period”); and/or (b) 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. that was completed on or about December 18, 2020.

If you have suffered a loss on your opendoor investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/opendoor-technologies-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On 09/19/2022, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022, further noting that the data was even worse in key markets where Opendoor lost money on up to 76% of sales. The results showed that Opendoor’s algorithm was unable to accurately adapt to changing market conditions.

As a result of 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, hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the offering documents and the defendants failed to disclose to investors that: (1) the algorithm the company uses to bid on homes failed to accurately match…