LPRO INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Open Lending Corporation Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
SAN DIEGO--(BUSINESS WIRE)--May 4, 2025--
The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Open Lending Corporation (NASDAQ: LPRO) securities between February 24, 2022 and March 31, 2025, both dates inclusive (the 'Class Period'), have until June 30, 2025 to seek appointment as lead plaintiff of the Open Lending class action lawsuit. Captioned Bradley v. Open Lending Corporation, No. 25-cv-00650 (W.D. Tex.), the Open Lending class action lawsuit charges Open Lending and certain of Open Lending's current and former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Open Lending class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-open-lending-corporation-class-action-lawsuit-lpro.html
You can also contact attorneysJ.C. SanchezorJennifer N. Caringalof Robbins Geller by calling 800/449-4900 or via e-mail at[email protected].
CASE ALLEGATIONS: Open Lending provides lending enablement and risk analytics solutions to credit unions, regional banks, finance companies, and captive finance companies of automakers.
The Open Lending class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants misrepresented the capabilities of Open Lending's risk-based pricing model; (ii) defendants issued materially misleading statements regarding Open Lending's profit share revenue; (iii) defendants failed to disclose Open Lending's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; and (iv) defendants misrepresented the underperformance of Open Lending's 2023 and 2024 vintage loans.
The Open Lending class action lawsuit further alleges that on March 17, 2025, Open Lending disclosed that it would be unable to timely file its Annual Report for 2024 as it 'require[d] additional time to finalize its accounting and review processes specifically related to its profit share revenue and related contract assets.' On this news, the price of Open Lending stock fell more than 9%, according to the complaint.
Then, on March 31, 2025, the Open Lending class action lawsuit alleges that Open Lending released its fourth quarter and full year 2024 financial results, revealing quarterly revenue of negative $56.9 million due in part to 'a $81.3 million reduction in estimated profit share revenues related to business in historic vintages' 'primarily due to heightened delinquencies and corresponding defaults associated with loans originated in 2021 through 2024.' Open Lending also disclosed a net loss of $144 million, due to Open Lending being 'negatively impacted by the recording of a valuation allowance on [its] deferred tax assets of $86.1 million, which increased [its] income tax expense during the period,' according to the complaint. Open Lending additionally announced that it had appointed a new CEO as well as a new COO, effective immediately, both of whom would be replacing defendant Charles D. Jehl, who had been operating as Open Lending's CEO, COO, and CFO simultaneously, the complaint further alleges. The Open Lending class action lawsuit alleges that on this news, the price of Open Lending stock fell nearly 58%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Open Lending securities during the Class Period to seek appointment as lead plaintiff in the Open Lending class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Open Lending class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Open Lending class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Open Lending class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250501815656/en/
CONTACT: Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Geller Rudman & Dowd LLP
Copyright Business Wire 2025.
PUB: 05/04/2025 09:30 AM/DISC: 05/04/2025 09:31 AM
http://www.businesswire.com/news/home/20250501815656/en
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