Introduction to the Open Lending Class Action Lawsuit
The Open Lending class action lawsuit seeks to represent purchasers or acquirers of Open Lending Corporation (NASDAQ: LPRO) securities between February 24, 2022 and March 31, 2025, inclusive (the “Class Period”).
Captioned Bradley v. Open Lending Corporation, No. 25-cv-00650 (W.D. Tex.), the Open Lending class action lawsuit charges Open Lending and certain of Open Lending’s current and former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Open Lending class action lawsuit or just have general questions about you rights as a shareholder, please contact attorney Timothy L. Miles of the Law Offices of Timothy L. Miles, at no cost, by calling 855/846-6529 or via e-mail at tmiles@timmileslaw.com.
Lead plaintiff motions for the Open Lending class action lawsuit must be filed with the court no later than June 30, 2025.
In this guide, we provide a timeline of events for the entire duration of a typical securities class action lawsuit like the Open Lending class action lawsuit, with approximately how long each step takes so you will have a better understanding of the timing of events in the Open Lending class action lawsuit.
Lead Plaintiff Appointment in the Open Lending Class Action Lawsuit: Approximately Four Months After Initial Complaint Filed
When a securities class action is filed such as the Open Lending class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Open Lending class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
At the end of the sixty days, the court can rule on the lead plaintiff’s motion just on the pleading filed with the court, or the judge may set a hearing on the motion for 30–45 days after the sixty-day expiration. If a hearing is held, the judge will issue an order afterwards appointing a lead plaintiff which could be a couple weeks to a couple months.
Regardless, the PSLRA states that not later than 90 days after the initial filing and notice the court must consider the lead plaintiff’s motions and must consolidate all the related cases filed before issuing an order on the lead plaintiff. Thus, from the initial filing until a lead plaintiff is appointed, about four months have passed.
Filing of a Consolidated Complaint: Approximately Six Months After Initial Filing
After the appointment of lead plaintiff, the court will enter a scheduling order which will include a time, usually about 60 days, for the lead plaintiff to file a consolidated complaint consolidating the allegations all complaints along with any new additional allegations.
The Defendants Motion to Dismiss: Decided Nearly a Year After the Initial Complaint Was Filed
In the same scheduling order, the court will also set a time for the defendants to file a motion to dismiss and schedule a briefing and possibly a hearing on the motion once the briefing is completed. The defendants may have 45 to 60 days to file the motion to dismiss and then the briefing schedule is typically around 60 days, and the court will then enter an order either granting or denying the motion to dismiss.
Thus, by the time defendants’ motion to dismiss is decided nearly a year has passed since the filing of the original complaint and could be possibly longer given the court’s schedule.
Completion Of Discovery: Two-and-a-Half-Years After Initial Filing
If the defendant’s motion to dismiss is denied, the parties will move into the discovery phase including the exchange of documents, request for admissions, interrogatories, depositions, and third-party subpoenas, among others.
The discovery phase usually takes about a year, though it can be less or more depending on the size of the case and its complexity.
Thus, by the time discovery is completed approximately two-and-a-half years have passed since the initial filing, which is approximately how long it takes a securities class action to resolve.
Settlement Negotiation and Mediation
By now two-and-a-half to three years have passed since the initial filing of the lawsuit. However, it is at this point that nearly all securities class actions result in a settlement, but that process takes time also. Once the parties have reached an agreement, it will have to be preliminarily approved by the court with notice to shareholders with the right to object, obtain final approval of the settlement, and then the claims process begins.
Usually, a third-party administrator is hired to administer the common fund. If the parties have complied with all the steps for approval, the judge will approve the distribution of the settlement fund by the claim’s administrator. You will receive a court-appointed notice and have to send in a claim form confirming your purchases and sales. This process alone can take up to a year and therefore it may be four years until the case is finally resolved.
Frequently Asked Questions
What initiated the Open Lending class action lawsuit?
The Open Lending class action lawsuit was initiated by investors alleging that Open Lending provided misleading information regarding its financial health and operations, resulting in financial losses.
How can I join the Open Lending class action lawsuit?
If you purchased shares during the class period and suffered a loss, then you are automatically a member of the class and do not need to do anything at this point unless you are considering moving for lead plaintiff.
What are the potential benefits of a class action lawsuit?
Class action lawsuits allow individual investors to collectively seek justice and compensation, which might be challenging to pursue individually. They also promote corporate accountability.
How long will the lawsuit take to resolve?
The duration of class action lawsuits can vary significantly, depending on the complexity of the case, legal strategies, and whether settlements are reached. It could take several months to years.
Contact Timothy L. Miles Today About an Open Lending Class Action Lawsuit
If you suffered losses in Open Lending stock, call us today for a free case evaluation about an Open Lending Class Action Lawsuit. 855-846-6529 or tmiles@timmileslaw.com (24/7/365).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr. #247
Mailbox #1091
Brentwood,TN 37027
Phone: (855) Tim-MLaw (855-846-6529)
Email: tmiles@timmileslaw.com
Website: www.classactionlawyertn.com
