Open Lending Corporation disclosed on March 17, 2025, that it would be unable to timely file its Annual Report for 2024. The company cited the need for additional time to finalize its accounting and review processes, specifically related to its profit share revenue and associated contract assets.
Following this announcement, multiple law firms, including the Law Offices of Howard G. Smith and The Law Offices of Frank R. Cruz, initiated or announced investigations into Open Lending. These investigations concern potential violations of federal securities laws.
The investigations allege that the company may have made false or misleading statements regarding its risk-based pricing models and profit share revenue. This development introduces significant legal uncertainty and potential financial repercussions for Open Lending.
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