Open Lending(US:LPRO) GlobeNewswire News Roomยท2025-06-23 20:53Core Viewpoint - A class action lawsuit has been filed against Open Lending Corporation, alleging that the company made materially false or misleading statements regarding its financial performance and risk-based pricing model during the class period from February 24, 2022, to March 31, 2025 [3][4]. Group 1: Allegations of Misrepresentation - The lawsuit claims that Open Lending misrepresented the effectiveness and functionality of its risk-based pricing model [3]. - It is alleged that the company made materially inaccurate statements concerning its profit share revenue [3]. - The lawsuit also states that Open Lending failed to disclose a significant decline in the value of its 2021 and 2022 vintage loans relative to their outstanding balances [3]. - Additionally, the defendants are accused of mischaracterizing the poor performance of the company's 2023 and 2024 vintage loans [3]. Group 2: Impact on Stock Price - Following the announcement on March 17, 2025, that Open Lending would be unable to timely file its 2024 Annual Report due to accounting and review procedures related to profit share revenue, the company's stock price declined by over 9% [4]. Group 3: Legal Representation - The Portnoy Law Firm is representing investors in this class action lawsuit and offers complimentary case evaluations to discuss options for recovering losses [2][5]. - Investors have until June 30, 2025, to file a lead plaintiff motion [1].