According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose materially adverse facts about Open Lending’s business, operations, and prospects. Specifically, defendants:
- misrepresented the capabilities of Open Lending’s risk-based pricing models;
- issued materially misleading statements regarding Open Lending’s profit share revenue;
- failed to disclose Open Lending’s 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances;
- misrepresented the underperformance of Open Lending’s 2023 and 2024 vintage loans; and
- as a result of the foregoing, defendants’ positive statements about Open Lending’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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