The Law Offices of Frank R. Cruz continues its investigation of Open Lending Corporation (“Open Lending” or the “Company”) (NASDAQ: LPRO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON OPEN LENDING CORPORATION (LPRO), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.
What Is The Investigation About?
On March 17, 2025, Open Lending disclosed that it would be unable to timely file its Annual Report for 2024 as it “requires additional time to finalize its accounting and review processes specifically related to its profit share revenue and related contract assets.”
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.
Then, on March 31, 2025, Open Lending released its fourth quarter and full year 2024 financial results, revealing that quarterly revenue was 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.” Additionally, the Company disclosed a net loss of $144 million, which was “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.”
On this news, Open Lending’s stock price fell as much as 47% during intraday trading on April 1, 2025, thereby injuring investors further.
Contact Us To Participate or Learn More:
If you purchased Open Lending securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Call us at: 310-914-5007
Email us at: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com.
Follow us for updates on Twitter at twitter.com/FRC_LAW.
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250401334714/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz
310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
