Compass Minerals International, Inc.
Company Name | Compass Minerals International, Inc. |
Stock Symbol | CMP |
Class Period | October 31, 2017 to November 18, 2018 |
Lead Plaintiff Motion Deadline | December 20, 2022 |
On September 19, 2022, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022, further stating that data was even worse in key markets, where Opendoor lost money on up to 76% of sales. The findings evidenced the failure of Opendoor’s algorithm to accurately adjust to changing market conditions.
On this news, Opendoor’s stock fell $0.50, or 12.3%, over the next two consecutive trading days, to close at $3.56 per share on September 20, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants failed to disclose to investors that: (1) the algorithm used by the Company to make offers for homes could not accurately adjust to changing house prices across different market conditions and economic cycles; (2) as a result, the Company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; (3) accordingly, Defendants overstated the purported benefits and competitive advantages of the algorithm; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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