INVESTIGATION ALERT: Berger Montague PC Investigates Opendoor Technologies Inc.’s Board Of Directors For Breach of Fiduciary Duties (NASDAQ:OPEN)

[ACCESSWIRE]

PHILADELPHIA, PA / ACCESSWIRE / March 27, 2023 / Berger Montague advises shareholders of Opendoor Technologies Inc. ("Opendoor") (NASDAQ:OPEN) about an investigation into Opendoor's Board of Directors for potential breaches of fiduciary duties to Opendoor and Opendoor's shareholders.

Shareholders of Opendoor may learn more about this investigation by contacting Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015, or visit: https://investigations.bergermontague.com/opendoor-technologies

Opendoor operates an e-commerce platform for residential real estate transactions. Its product offerings comprise 1P Product, which enables homeowners to sell their home directly to it and resell the home to a home buyer; and 3P Product, which connects the home seller with an institutional or retail buyer.

On September 19, 2022, citing a review of industry data, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022. Bloomberg further reported that the data was even worse in key markets such as Los Angeles, where Opendoor lost money on 55% of sales, and Phoenix, where it lost money on 76% of sales. Bloomberg's findings evidenced the failure of Opendoor's Algorithm to adjust accurately to changing market conditions.

Whistleblowers: Persons with non-public information regarding Opendoor are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Francisco, Chicago, and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts:

James Maro, Senior Counsel
Berger Montague
(215) 875-3093
[email protected]

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]

SOURCE: Berger Montague