Kirby McInerney LLP Urges Investors in Open Lending Corporation (LPRO) to Inquire About Their Rights in Class Action Lawsuit
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of those who acquired Open Lending Corporation ('Open Lending' or the 'Company') (NASDAQ:LPRO) securities during the period from February 24, 2022, through March 31, 2025 ('the Class Period'). Investors have until June 30, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[LEARN MORE ABOUT THE CLASS ACTION]
On March 17, 2025, before the market opened, 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, the price of Open Lending shares declined by $0.40 per share, from $4.31 per share on March 14, 2025, to close at $3.91 on March 17, 2025.
Then, on March 31, 2025, 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 on the same day, Open Lending 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 price of Open Lending shares declined by $1.59 per share, or approximately 57%, from $2.76 per share on March 31, 2025, to close at $1.17 on April 1, 2025.
The complaint alleges that, throughout the Class Period, defendants: (1) misrepresented the capabilities of the Company's risk-based pricing models; (2) issued materially misleading statements regarding the Company's profit share revenue; (3) failed to disclose the Company's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; (4) misrepresented the underperformance of the Company's 2023 and 2024 vintage loans.
If you purchased or otherwise acquired Open Lending securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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Reader Advisory This news release may contain statements which constitute 'forward-looking information', including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, changes in the Company's intended use of proceeds from the Private Placement, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. Attachments LEM – News Release Financial Results – April 30, 2025 Financial Report Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
