Opendoor Technologies Inc. (NASDAQ:OPEN) stock climbed 2.23% in Thursday pre-market session following a preliminary approval from the U.S. District Court.
Opendoor Reaches Full Settlement In Derivatives Case
The settlement, approved on September 11, pertains to the case Gera v. Palihapitiya, et al. (Case No. 2:23-cv-02164-SMB), according to a press release and a recent SEC filing. The proposed settlement in a derivative action also encompasses related lawsuits pending in the U.S. District Court for the District of Delaware and the Delaware Court of Chancery.
The parties in the case took part in a global mediation on February 7 and tentatively agreed that Opendoor Technologies would implement specific corporate governance reforms.
Opendoor and the parties involved reached a full settlement, releasing all claims. On June 27, Opendoor signed a Stipulation of Settlement, and the Gera plaintiff filed a motion for preliminary approval that same day.
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Opendoor Stock Surges Amid Praise, Criticism, And Pullbacks
Opendoor Technologies has been in the news for various reasons. The company’s stock has been on a roller-coaster ride, with significant fluctuations in its value.
In September, a legendary hedge fund manager George Noble called Opendoor Technologies a “total clown show” despite its stock rallying over 640% since its all-time low in late June.
However, the stock experienced a pullback after a mid-week rally, which was ignited by a U.S. Census Bureau report showing August new home sales soared 20.5% from the prior month to a seasonally adjusted annual rate of 800,000.
More recently, Eric Jackson, the founder of EMJ Capital, drew attention to a stock purchase by Rep. Cleo Fields (D-La.) with a social media post reading, “Paging Nancy Pelosi about OPEN,” referencing the Congressman’s new investment in Opendoor Technologies Inc.
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