Overview

A class action lawsuit has been filed against Open Lending Corporation (“Open Lending” or the “Company”) and certain of the Company’s former senior executive officers (collectively, “Defendants”) alleging violations of the federal securities laws. The Company’s common shares trade on the NASDAQ exchange under the symbol “LPRO.”

The Open Lending class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Open Lending securities between February 24, 2022, and March 31, 2025, both dates inclusive (the “Class Period”).

Open Lending is a provider of loan services to automotive lenders. The Company specializes in loan analytics, risk-based pricing, and risk modeling and targets the financing needs of near-prime and non-prime borrowers. The Company’s flagship product, the Lenders Protection Platform, is a cloud-based automotive lending enablement platform, designed to underwrite default insurance by linking automotive lenders to the Company’s insurance partners. The platform purports to use risk-based pricing models which enable automotive lenders to assess the credit risk of a potential borrower using data-driven analysis powered by the Company’s proprietary data and real-time underwriting of automotive loan default insurance coverage from insurers. The Company’s revenue is comprised of program fees paid by automotive lenders for the use of its platform to underwrite loans, profit-sharing with the Company’s insurance partners which provide default insurance to automotive lenders, and fees paid by insurance partners for claims administration services.

The Open Lending class action lawsuit 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, Defendants: (1) misrepresented the capabilities of the Company’s risk-based pricing models; (2) issued materially misleading statements regarding the Company’s profit share revenue; (3) failed to disclose the Company’s 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; and (4) misrepresented the underperformance of the Company’s 2023 and 2024 vintage loans. As a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Open Lending securities between February 24, 2022, and March 31, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Open Lending class action lawsuit is June 30, 2025.