Opendoor Stock Climbs Over 2% In Thursday Pre-Market: What's Going On?

Opendoor Technologies Inc. (NASDAQ:OPEN) stock climbed 2.23% in Thursday pre-market session following a preliminary approval from the U.S. District Court.Opendoor Reaches Full Settlement In Derivatives CaseThe settlement, approved on September 11, pertains to the case Gera v. Palihapitiya, et al. (Case No. 2:23-cv-02164-SMB), according to a press release and a recent SEC filing. The proposed settlement in a derivative action also encompasses related lawsuits pending in the U.S. District Court for the District of Delaware and the Delaware Court of Chancery.The parties in the case took part in a global mediation on February 7 and tentatively agreed that Opendoor Technologies would implement specific corporate governance reforms.Opendoor and the parties involved reached a full settlement, releasing all claims. On June 27, Opendoor signed a Stipulation of Settlement, and the Gera plaintiff filed a motion for preliminary approval that same day.Opendoor Stock Surges Amid Praise, Criticism, And PullbacksOpendoor Technologies has been in the news for various reasons. The company’s stock has been on a roller-coaster ride, with significant fluctuations in its value. In September, a legendary hedge fund manager George Noble called Opendoor Technologies a “total clown show” despite its stock rallying over 640% since its all-time low in late June. However, the stock experienced a pullback after a mid-week rally, which was ignited by a U.S. Census Bureau report showing August new home sales soared 20.5% from the prior month to a seasonally adjusted annual rate of 800,000.More recently, Eric Jackson, the founder of EMJ Capital, drew attention to a stock purchase by Rep. Cleo Fields (D-La.) with a social media post reading, “Paging Nancy Pelosi about OPEN,” referencing the Congressman’s new investment in Opendoor Technologies Inc.READ NEXT: EXCLUSIVE: September’s 10 Most-Searched Tickers On Benzinga Pro — Where Do Apple, Palantir, Opendoor, Tesla Rank? Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Image Via Shutterstock