An Opendoor Technologies Inc. shareholder can’t proceed with a suit against a Social Capital blank-check company that brought the house-flipping startup public, a federal court ruled.
Others defendants who are off the hook for now include venture capitalist Chamath Palihapitiya and others who approved the proxy statement for the merger and later proxy statements, including current board members, according to the US District Court for the District of Arizona. The suit’s flaw is that investor Samhita Gera didn’t ask the board to take action for the company before she filed suit, and she didn’t show the board was so compromised ...
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