GlobeNewswire News Roomยท2025-05-02 01:00Core Viewpoint - A class action lawsuit has been filed against Open Lending Corporation for allegedly making materially false and misleading statements regarding its business operations and financial performance during the Class Period from February 24, 2022, to March 31, 2025 [1][3]. Summary by Relevant Sections Lawsuit Details - The lawsuit is filed in the United States District Court for the Western District of Texas on behalf of all individuals and entities who purchased Open Lending securities during the specified Class Period [1]. - Investors have until June 30, 2025, to apply to be appointed as lead plaintiff in the lawsuit [1]. Allegations Against Open Lending - The complaint alleges that Open Lending misrepresented the capabilities of its risk-based pricing models [3]. - It is claimed that the company issued materially misleading statements regarding its profit share revenue [3]. - The lawsuit states that Open Lending failed to disclose that its 2021 and 2022 vintage loans had significantly decreased in value compared to their outstanding loan balances [3]. - Allegations include misrepresentation of the underperformance of the company's 2023 and 2024 vintage loans [3]. - As a result of these actions, the positive statements made by the defendants about the company's business and prospects were deemed materially misleading and lacked a reasonable basis [3].