Latest news with #OpenLending
Associated Press
3 days ago
- Business
- Associated Press
Open Lending Corporation Investors: Please contact the Portnoy Law Firm to recover your losses. June 30, 2025 Deadline to file Lead Plaintiff Motion.
Investors cancontactthe law firm at no cost to learn more about recovering their losses LOS ANGELES, June 18, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Open Lending Corporation ('Open Lending' or the 'Company') (NASDAQ: LPRO) investors of a class action representing investors that bought securities between February 24, 2022 and March 31, 2025, inclusive (the 'Class Period'). Open Lending investors have until June 30, 2025 to file a lead plaintiff motion. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses. The class action lawsuit against Open Lending alleges that, during the Class Period, the defendants made materially false or misleading statements and/or failed to disclose the following: (i) the defendants misrepresented the effectiveness and functionality of Open Lending's risk-based pricing model; (ii) the defendants made materially inaccurate statements concerning Open Lending's profit share revenue; (iii) the defendants failed to disclose that the company's 2021 and 2022 vintage loans had significantly declined in value relative to their outstanding balances; and (iv) the defendants mischaracterized the poor performance of Open Lending's 2023 and 2024 vintage loans. The lawsuit further asserts that on March 17, 2025, Open Lending announced it would be unable to timely file its 2024 Annual Report, citing the need for additional time to complete accounting and review procedures specifically related to its profit share revenue and associated contract assets. Following this announcement, the company's stock price declined by over 9%, according to the complaint. Please visit our website to review more information and submit your transaction information. The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes. Lesley F. Portnoy, Esq. Admitted CA and NY Bar [email protected] 310-692-8883 Attorney Advertising
Business Upturn
5 days ago
- Business
- Business Upturn
Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Open Lending Corporation, Civitas Resources, and Avis Budget and Encourages Investors to Contact the Firm
NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Open Lending Corporation (NASDAQ:LPRO), NET Power, Inc. (NYSE:NPWR), Civitas Resources, Inc. (NYSE: CIVI), and Avis Budget Group, Inc. (NASDAQ:CAR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Open Lending Corporation (NASDAQ:LPRO) Class Period: February 24, 2022 – March 31, 2025 Lead Plaintiff Deadline: June 30, 2025 The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Open Lending class action go to: NET Power, Inc. (NYSE:NPWR) Class Period: June 9, 2023 – March 7, 2025 Lead Plaintiff Deadline: June 17, 2025 Net Power is a clean energy technology company. Its business is centered around its so-called 'Net Power Cycle' technology, which is a purported novel power generation system designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions. Net Power has a facility located in La Porte, Texas, which it uses to demonstrate the viability of the NET Power Cycle, referred to as 'La Porte' or the 'Demonstration Plant.' Net Power conducts research and equipment validation testing campaigns at the Demonstration Plant as part of its efforts to develop its first utility-scale plant, which it variably refers to as 'SN1' or 'Project Permian.' Project Permian is located at a site in the Permian Basin of West Texas. Since before the start of the Class Period, Defendants had represented that they anticipated SN1 to be operational in 2026. In 2023, Net Power's cost estimate for Project Permian was roughly $950 million, which increased to $1.1 billion in 2024. Net Power's commencement of commercial operations and, accordingly, its business and financial prospects, rely on its completion of Project Permian. As such, Defendants' projected timelines and cost estimates for Project Permian are of particular importance to investors and analysts. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Net Power was unlikely to complete Project Permian on schedule, and the project was likely to be significantly more expensive than Defendants had represented, because of, inter alia, supply chain issues and numerous site- and region-specific challenges; (ii) accordingly, Defendants' projections regarding the time and capital needed to complete Project Permian were unrealistic; (iii) the increased time and capital needed to complete Project Permian were likely to have a significant negative impact on the Company's business and financial results; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times. For more information on the NET Power class action go to: Civitas Resources, Inc. (NYSE: CIVI) Class Period: February 27, 2024 – February 24, 2025 Lead Plaintiff Deadline: July 1, 2025 The Civitas Resources class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Civitas Resources was highly likely to significantly reduce its oil production in 2025 as a result of, among other things, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (ii) increasing its oil production would require Civitas Resources to acquire additional acreage and development locations, thereby incurring significant debt and causing Civitas Resources to sell corporate assets to offset its acquisition costs; (iii) Civitas Resources' financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; and (iv) accordingly, Civitas Resources' business and/or financial prospects, as well as its operational capabilities, were overstated. The Civitas Resources class action lawsuit further alleges that on February 24, 2025, Civitas Resources announced its financial results for the fourth quarter and full year 2024, reporting revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78 for the quarter, missing consensus estimates by $0.21 per share. According to the complaint, also on February 24, 2025, Civitas Resources revealed several 2025 outlook highlights, including '[d]elivering oil production between 150 and 155 thousand barrels per day ('MBbl/d') on average,' – a year-over-year decline of approximately 4% –'[e]xpanding [its] Permian Basin position with a $300 million bolt-on transaction that adds 19,000 net acres and approximately 130 future development locations in the Midland Basin,' and '[e]xecuting on [a] new divestment target of $300 million' meant to offset the foregoing transaction. Civitas Resources explained that '[a]s compared to the fourth quarter of 2024, lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter, the Civitas Resources class action lawsuit alleges. Civitas Resources additionally announced a 10% reduction in its workforce across all levels and the termination of its Chief Operating Officer and Chief Transformation Officer, according to the complaint. On this news, the price of Civitas Resources stock fell more than 18%, according to the Civitas Resources class action lawsuit. For more information on the Civitas class action go to: Avis Budget Group, Inc. (NASDAQ:CAR) Class Period: February 16, 2024 – February 10, 2025 Lead Plaintiff Deadline: June 24, 2025 The lawsuit alleges that Defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding the Company's business, operations, and prospects, including allegations that: (i) Avis Budget crafted and implemented a plan to significantly accelerate its fleet rotation in the fourth quarter of 2024; (ii) the foregoing acceleration shortened the useful life of the majority of the Company's vehicles in the Americas segment, thereby reducing their recoverable value; (iii) as a result, Avis Budget would be forced to recognize billions of dollars in impairment charges and incur substantial losses; (iv) all the foregoing was likely to, and did, have a significant negative impact on the Company's financial results; and (v) accordingly, Avis Budget's financial and/or business prospects were overstated. For more information on the Avis Budget class action go to: About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit . Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information: Bragar Eagel & Squire, Walker, Esq. Marion Passmore, Esq.(212) 355-4648 [email protected]
Business Wire
11-06-2025
- Business
- Business Wire
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@ 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.
Associated Press
08-06-2025
- Business
- Associated Press
INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Open Lending
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Open Lending To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in Open Lending between February 24, 2022 and March 31, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] New York, New York--(Newsfile Corp. - June 8, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Open Lending Corporation ('Open Lending' or the 'Company') (NASDAQ: LPRO) and reminds investors of the June 30, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. [ This image cannot be displayed. Please visit the source: ] Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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; and (4) misrepresented the underperformance of the Company's 2023 and 2024 vintage loans. As a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On March 17, 2025, Open Lending announced the postponement of its earnings release and conference call, both originally scheduled for the same day. The company also filed a Form 12b-25, requesting additional time to finalize its financial statements for its annual 10-K report. On this news, Open Lending's stock price fell $0.40, or 9.3%, to close at $3.91 per share on March 17, 2025, thereby injuring investors. Subsequently, on March 31, 2025, Open Lending reported a substantial year-over-year increase in its net loss for Q4 2024, largely attributable to the recognition of a valuation allowance on its deferred tax assets, which elevated its income tax expense for the period. Additionally, the company disclosed significant leadership changes. On this news, Open Lending's stock price fell $1.59, or 57.61%, to close at $1.17 per share on April 1, 2025, thereby injuring investors. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Open Lending's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Open Lending Corporation class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Follow us for updates on LinkedIn, on X, or on Facebook. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. To view the source version of this press release, please visit
Associated Press
04-06-2025
- Business
- Associated Press
INVESTOR ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Open Lending
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Open Lending To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in Open Lending between February 24, 2022 and March 31, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] New York, New York--(Newsfile Corp. - June 4, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Open Lending Corporation ('Open Lending' or the 'Company') (NASDAQ: LPRO) and reminds investors of the June 30, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. [ This image cannot be displayed. Please visit the source: ] Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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; and (4) misrepresented the underperformance of the Company's 2023 and 2024 vintage loans. As a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On March 17, 2025, Open Lending announced the postponement of its earnings release and conference call, both originally scheduled for the same day. The company also filed a Form 12b-25, requesting additional time to finalize its financial statements for its annual 10-K report. On this news, Open Lending's stock price fell $0.40, or 9.3%, to close at $3.91 per share on March 17, 2025, thereby injuring investors. Subsequently, on March 31, 2025, Open Lending reported a substantial year-over-year increase in its net loss for Q4 2024, largely attributable to the recognition of a valuation allowance on its deferred tax assets, which elevated its income tax expense for the period. Additionally, the company disclosed significant leadership changes. On this news, Open Lending's stock price fell $1.59, or 57.61%, to close at $1.17 per share on April 1, 2025, thereby injuring investors. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Open Lending's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Open Lending Corporation class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Follow us for updates on LinkedIn, on X, or on Facebook. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. To view the source version of this press release, please visit
