NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Opendoor Technologies, Inc. (“Opendoor” or the “Company”) (NASDAQ: OPEN) and certain of its officers on behalf of all persons and entities who purchased or otherwise acquired: (a) Opendoor Securities between December 21, 2020 and September 16, 2022, both dates inclusive (the “Collection Period”); and/or (b) Opendoor Common Stock pursuant to and/or traceable to the Offering Documents (defined below) issued in connection with the business combination between the Company and Opendoor Labs Inc. (“Legacy Opendoor”) that took place on or about the was completed December 18, 2020 (the “Merger”). Such investors are encouraged to join this case by visiting the company’s website: www.bgandg.com/open.

This class action seeks damages against the defendants for alleged violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

The complaint alleges that the merger offer documents were prepared negligently and, as a result, contained untrue statements about material facts or failed to disclose other facts necessary for the statements made not to be misleading and that they are inconsistent created with the rules and regulations governs their preparation. In addition, during the Class Period, the Defendants made materially false and misleading statements about the Company’s business, operations and prospects. In particular, the Offering Documents and the Defendants made false and/or misleading statements and/or failed to disclose the following: (i) the algorithm (“Algorithm”) used by the Company to make offerings for properties could not accurately match changing real estate prices adjust for different market conditions and economic cycles; (ii) As a result, the Company faced an increased risk of incurring significant and repeated losses due to…