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Submit Your Information for the Open Lending Lawsuit

Lead plaintiff deadline is June 30, 2025.

If you purchased or acquired Open Lending securities between February 24, 2022 through March 31, 2025, please contact Berger Montague using the form below.

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About the Lawsuit

According to the complaint, throughout the Class Period, Defendants: (1) misrepresented the Company’s risk-based pricing models; (2) misled investors regarding the Company’s profit share revenue; (3) failed to disclose that Open Lending’s 2021 and 2022 vintage loans had become worth significantly less than their outstanding loan balances; and (4) misrepresented the underperformance of the Company’s 2023 and 2024 vintage loans.

Investors began to learn the truth on March 17, 2025, when 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 Company’s share price fell $0.40, or 9%, to close at $3.91 per share 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 contributing factors to the reduction of estimated profit share: (i) a “deterioration of the Company’s 2021 and 2022 vintages,” resulting in loans which were “worth significantly less than their corresponding outstanding loan balances”; (ii) “two cohorts of borrowers… that caused its 2023 and 2024 vintages to underperform”; and (iii) “continued elevated delinquencies and ultimate defaults.”

Also on that date, the Company announced that it had appointed a new Chief Executive Officer and a new Chief Operating Officer.

On this news, Open Lending’s share price fell $1.59, or 57%, to close at $1.17 per share on April 1, 2025.

Investors who purchased or acquired Open Lending securities between February 24, 2022 through March 31, 2025, may no later than June 30, 2025, seek to be appointed as a lead plaintiff representative of the class.