Deadline Alert: Open Lending Corporation (LPRO) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
Deadline Alert: Open Lending Corporation (LPRO) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit |
| [27-June-2025] |
LOS ANGELES, June 27, 2025 /PRNewswire/ -- Glancy Prongay & Murray LLP reminds investors of the upcoming June 30, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Open Lending Corporation ("Open Lending" or the "Company") (NASDAQ: LPRO) securities between February 24, 2022 and March 31, 2025, inclusive (the "Class Period"). IF YOU SUFFERED A LOSS ON YOUR OPEN LENDING INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS. What Happened? On this news, the Company's share price fell $0.40, or 9.28%, to close at $3.91 per share on March 17, 2025, on unusually heavy trading volume. The stock continued to fall the following trading day, declining $0.42, or 10.87%, to close at $3.49 on March 18, 2025, on unusually heavy trading volume. Then, on March 31, 2025, after the market closed, Open Lending released 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." The Company identified "three factors primarily contributed to this reduction of estimated profit share." First, a "deterioration of the Company's 2021 and 2022 vintages" resulting in loans which were "worth significantly less than their corresponding outstanding loan balances." This factor accounted for "approximately 40% of the Company's total negative change." Second, the Company "identified two cohorts of borrowers, borrowers with credit builder tradelines and borrowers with fewer positive tradelines, that caused its 2023 and 2024 vintages to underperform." This factor "accounted for approximately 40% of the Company's total negative change." Third, the Company revealed "continued elevated delinquencies and ultimate defaults" which "accounted for approximately 20% of the Company's total negative change." Additionally, the Company disclosed a net loss of $144 million, due to the Company being "negatively impacted by the recording of a valuation allowance on [its] deferred tax assets of $86.1 million, which increased [its] income tax expense during the period." In a separate press release, the Company also announced that it had appointed a new Chief Executive Officer and a new Chief Operating Officer, effective immediately, both of whom would be replacing Charles D. Jehl, who had been operating as the Company's Chief Executive Officer, Chief Operating Officer and Chief Financial Officer simultaneously. On this news, the Company's share price fell $1.59 or 57.61%, to close at $1.17 per share on April 1, 2025, on unusually heavy trading volume. What Is The Lawsuit About? If you purchased or otherwise acquired Open Lending securities during the Class Period, you may move the Court no later than June 30, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. Contact Us To Participate or Learn More: If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contact Us:
SOURCE Glancy Prongay & Murray LLP | ||
Company Codes: NASDAQ-NMS:LPRO |
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