FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Open Lending
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants: (1) misrepresented the capabilities of the Company's risk-based pricing models; (2) issued materially misleading statements regarding the Company's profit share revenue; (3) failed to disclose the Company's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; and (4) misrepresented the underperformance of the Company's 2023 and 2024 vintage loans. As a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 17, 2025, Open Lending announced the postponement of its earnings release and conference call, both originally scheduled for the same day. The company also filed a Form 12b-25, requesting additional time to finalize its financial statements for its annual 10-K report.
On this news, Open Lending's stock price fell $0.40, or 9.3%, to close at $3.91 per share on March 17, 2025, thereby injuring investors.
Subsequently, on March 31, 2025, Open Lending reported a substantial year-over-year increase in its net loss for Q4 2024, largely attributable to the recognition of a valuation allowance on its deferred tax assets, which elevated its income tax expense for the period. Additionally, the company disclosed significant leadership changes.
On this news, Open Lending's stock price fell $1.59, or 57.61%, to close at $1.17 per share on April 1, 2025, thereby injuring investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Open Lending's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Open Lending Corporation class action, go to www.faruqilaw.com/LPRO or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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Acuren Corporation Condensed Consolidated Statements of Operations (amounts in thousands, except share and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Successor 2025 Predecessor 2024 Successor 2025 Predecessor 2024 Service revenue $ 313,925 $ 309,292 $ 548,140 $ 532,354 Cost of revenue 239,824 228,673 430,370 395,887 Gross profit 74,101 80,619 117,770 136,467 Selling, general and administrative expenses 55,236 60,870 107,694 102,724 Transaction costs 515 — 1,166 — Income from operations 18,350 19,749 8,910 33,743 Interest expense, net 15,451 17,569 31,458 33,551 Other income, net (777 ) (279 ) (1,896 ) (286 ) Income (loss) before income tax provision 3,676 2,459 (20,652 ) 478 Income tax provision 3,909 7,909 5,374 7,199 Net loss (233 ) (5,450 ) (26,026 ) (6,721 ) Basic and diluted loss per share: Common stock $ (0.00 ) $ — $ (0.21 ) $ — Series A Preferred Stock $ (0.00 ) $ — $ (0.21 ) $ — Common shares $ — $ (1.08 ) $ — $ (1.34 ) Weighted-average shares outstanding: Common stock, basic 121,476,215 — 121,476,215 — Common stock, diluted 122,476,215 — 122,476,215 — Series A Preferred Stock, basic and diluted 1,000,000 — 1,000,000 — Common shares, basic and diluted — 5,024,802 — 5,024,802 Expand Acuren Corporation Condensed Consolidated Statements of Cash Flows (amounts in thousands) (Unaudited) Six Months Ended June 30, Successor 2025 Predecessor 2024 Cash flows from operating activities: Net loss $ (26,026 ) $ (6,721 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense 31,912 18,712 Amortization expense 26,224 20,051 Non-cash lease expense 5,139 6,070 Share-based compensation expense 2,980 17,696 Amortization of deferred financing costs 1,682 2,043 Accrued contingent consideration 2,049 527 Fair value adjustments on interest rate derivatives — 3,102 Deferred taxes (11,718 ) (5,401 ) Other (744 ) (654 ) Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable (12,636 ) (46,084 ) Prepaid expenses and other current assets 8,388 (4,991 ) Accounts payable 974 (7,052 ) Accrued expenses and other current liabilities 3,434 3,183 Operating lease obligations (4,904 ) (6,369 ) Other assets and liabilities (449 ) (2,866 ) Net cash provided by (used in) operating activities 26,305 (8,754 ) Cash flows from investing activities: Purchases of property and equipment (12,494 ) (11,321 ) Proceeds from sale of property and equipment 743 974 Acquisitions of businesses, net of cash acquired (16,656 ) (46,280 ) Net cash used in investing activities (28,407 ) (56,627 ) Cash flows from financing activities: Proceeds from long-term borrowings — 30,000 Payments on long-term borrowings (3,865 ) (16,346 ) Payment of debt issuance costs (1,165 ) — Payments on finance lease obligations (5,278 ) (4,904 ) Net cash (used in) provided by financing activities (10,308 ) 8,750 Net effect of exchange rate fluctuations on cash and cash equivalents 3,332 366 Net change in cash and cash equivalents (9,078 ) (56,265 ) Cash and cash equivalents Beginning of period 139,134 87,061 End of period $ 130,056 $ 30,796 Expand Acuren Corporation Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit and Adjusted Gross Margin (amounts in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Gross profit $ 74,101 $ 80,619 $ 117,770 $ 136,467 Depreciation expense included in cost of revenue 16,219 9,481 31,581 18,542 Adjusted gross profit $ 90,320 $ 90,100 $ 149,351 $ 155,009 Adjusted gross margin (1) 28.8 % 29.1 % 27.3 % 29.1 % Expand (1) Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by service revenue for the applicable period. 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