NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Open Lending Corporation. (“Open Lending” or the “Company”) (NASDAQ: LPRO). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Open Lending and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until June 30, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Open Lending Corporation securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On March 17, 2025, Open Lending disclosed that it would be unable to timely file its Annual Report for 2024 as it “require[d] additional time to finalize its accounting and review processes specifically related to its profit share revenue and related contract assets.”
On this news, Open Lending’s stock price fell $0.82 per share, or 19.03%, over the following two trading sessions, to close at $3.49 per share on March 18, 2025.
Then, on March 31, 2025, Open Lending reported its fourth quarter and full year 2024 financial results, revealing quarterly revenue of negative $56.9 million due in part to “a $81.3 million reduction in estimated profit share revenues related to business in historic vintages” . . . “primarily due to heightened delinquencies and corresponding defaults associated with loans originated in 2021 through 2024.” Separately, Open Lending also announced the appointment of a new Chief Executive Officer (“CEO”) and new Chief Operating Officer (“COO”), effectively immediately, both of whom would replace Charles D. Jehl, who had been simultaneously serving as the Company’s CEO, COO and Chief Financial Officer.
On this news, Open Lending’s stock price fell $1.59 per share, or 57.61%, to close at $1.17 per share on April 1, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
