SAN DIEGO, Oct. 28, 2022 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a class action lawsuit has been filed on behalf of all individuals and entities representing Opendoor Technologies Inc. OPEN Securities between December 21, 2020 and September 16, 2022 or in connection with the SPAC merger of the Company completed on December 18, 2020. Shareholders wishing to participate in the class action must file a motion with the court by December 6, 2022 to be named lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. You do not have to be present at the case to be eligible for a recovery.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

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What is it about in this case: Opendoor Technologies Inc. (OPEN) has misled investors about its algorithm’s ability to adapt to changing home prices across various market conditions and cycles

According to the complaint, Opendoor was formerly known as Social Capital Hedosophia Holdings Corp. II (“SCH”), a special purpose entity for acquisitions. SCH merged with Legacy Opendoor, a private company that operates as a digital platform for residential real estate. Since the merger in December 2020, Opendoor has operated a digital platform for buying and selling residential real estate in the USA. The company’s platform features a technology called “iBuying,” which is an algorithm-based process that allegedly allows Opendoor to make accurate market-based offers to sellers for their homes, and then sell those homes to buyers for a profit further.

The Complaint alleges that the Offer Documents and Defendants made false and misleading statements in connection with the merger. Specifically, Defendants failed to disclose that: (i) the algorithm the Company uses to bid on homes could not accurately replicate…