Opendoor Technologies, the online real estate company, and its top officers were named in a shareholder derivative complaint on Thursday in Delaware Court of Chancery. The court action contends that Opendoor made material misrepresentations to investors regarding the effectiveness of its algorithm in the face of fluctuations in the residential real estate market which ultimately led to the company losing money on a larger number of transactions than anticipated. The complaint was filed by Rigrodsky Law and Gainey, McKenna & Egleston. The case is 2023-0643-, Seth Van Dorn v. John Rice, et al.
Internet & Social Media
June 22, 2023, 4:05 PM