"The lawsuit alleges the platform was heavily reliant on human input, making it vulnerable to market fluctuations like any other brokerage."
"Opendoor did not admit wrongdoing in the $39 million settlement, seeking to avoid litigation costs and risks."
"Plaintiffs' attorneys described the $39 million settlement as a prompt and substantial tangible recovery, aiming for nearly $11.7 million in legal fees."
"Following significant layoffs and restructuring, Opendoor aims to transition to a multi-product, multi-channel business model to reduce losses."
Opendoor's legal battle results in a $39 million settlement following allegations that the platform was heavily reliant on human input, making it susceptible to market changes. The company's stock price saw a steep decline of over 94% since its 2020 debut. To mitigate litigation costs, Opendoor did not admit wrongdoing. Additionally, the firm reported substantial first-quarter revenue while laying off employees as part of a restructuring to adapt to a shifting real estate landscape, moving toward a diverse business model with fewer acquisitions in 2024.
Read at www.housingwire.com
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