NEW YORK--(BUSINESS WIRE)--The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Opera Limited (“Opera” or the “Company”) (NASDAQ: OPRA) securities during the period from July 27, 2018 through January 15, 2020 (the “Class Period”) and/or pursuant to the Company’s July 27, 2018 Initial Public Offering (“IPO”). Investors have until March 24, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Specifically, the Offering Documents and the Company failed to disclose that: (i) Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated; (ii) Defendants’ funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; and (iii) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera’s financial prospects, especially with respect to its lending applications continued availability on the Google Play Store.
On August 9, 2018, Opera completed its IPO, issuing 9,600,000 ADSs priced at $12.00 per share, raising approximately $115.2 million in proceeds.
On January 16, 2020, Hindenburg Research published a report alleging that Opera’s microfinancing app is in violation of the Google Play Store’s policies on predatory, short-term lending and misleading apps. The report also alleges that Opera’s chairman and CEO, Yahui Zhou, diverted $40 million of company proceeds to entities owned or influenced by Zhou through a series of questionable related-party transactions that were not adequately disclosed to investors.
On this news, the price of Opera ADSs fell $1.69, or 18.7%, to close at $7.33 on January 16, 2020.
If you acquired Opera securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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