Open Lending(US:LPRO) GlobeNewswire News Roomยท2025-06-27 17:17Core Viewpoint - Open Lending Corporation is facing a class action lawsuit for alleged violations of the Securities Exchange Act of 1934, with claims of misleading statements and financial misrepresentations during the class period from February 24, 2022, to March 31, 2025 [1][3]. Group 1: Allegations and Financial Impact - The lawsuit alleges that Open Lending misrepresented the capabilities of its risk-based pricing model and issued materially misleading statements regarding profit share revenue [3]. - It is claimed that Open Lending's vintage loans from 2021 and 2022 were worth significantly less than their outstanding balances, and there were misrepresentations regarding the underperformance of loans from 2023 and 2024 [3]. - On March 17, 2025, Open Lending announced it would delay its Annual Report for 2024, leading to a stock price drop of over 9% [4]. - Following the release of its fourth quarter and full year 2024 financial results on March 31, 2025, Open Lending reported a quarterly revenue of negative $56.9 million and a net loss of $144 million, causing the stock price to fall nearly 58% [5]. Group 2: Legal Process and Representation - Investors who purchased Open Lending securities during the class period can seek appointment as lead plaintiff in the class action lawsuit, which allows them to act on behalf of other class members [6]. - The lead plaintiff can select a law firm of their choice to litigate the case, and participation as lead plaintiff does not affect the ability to share in any potential recovery [6]. Group 3: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud and shareholder litigation, having recovered over $2.5 billion for investors in 2024 alone [7]. - The firm has been ranked 1 in securing monetary relief for investors in securities class action cases for four out of the last five years [7].