NEW YORK, Sept. 15, 2020 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Social Capital Hedosophia Holdings Corp. II ("IPOB" or the "Company") (NYSE: IPOB), a special purpose acquisition company, in connection with the Company's proposed merger with privately-held Opendoor Labs Inc. ("Opendoor"). Under the terms of the merger agreement, IPOB will acquire Opendoor through a reverse merger that will result in Opendoor becoming a publicly listed company. The transaction values Opendoor at $4.8 billion and is expected to provide it with $1 billion in gross proceeds, including $414 million of cash held in trust and 600 million in a PIPE at $10 a share.
If you own IPOB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether IPOB's board acted in the best interest of the Company's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Opendoor, whether the deal's equity split is fair to IPOB shareholders, and whether all information regarding the valuation of the transaction will be fully and fairly disclosed to IPOB's public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP