NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 24, 2020 to file lead plaintiff applications in a securities class action lawsuit against Opera Limited (NasdaqGS: OPRA), if they purchased the Company’s securities between July 27, 2018 and January 15, 2020, both dates inclusive (the “Class Period”) including American Depository Shares (“ADSs”) issued in connection with its July 2018 Initial Public Offering. This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased ADSs of Opera and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-opra/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 24, 2020.
About the Lawsuit
Opera and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus and during the Class Period, violating federal securities laws.
On January 16, 2020, Hindenburg Research reported a range of allegations against the Company including that it had “a 12-month price target of $2.60 on Opera, representing a 70% downside”; that Opera’s “browser market share is declining rapidly, down ~30% since its IPO”; that Opera was involved in “predatory short-term loans in Africa and India, deploying deceptive ‘bait and switch’ tactics to lure in borrowers and charging egregious interest rates ranging from ~365-876%”; that Opera’s lending business applications, available through Google’s Play Store, were “in black and white violation of numerous Google rules” aimed at “curtail[ing] predatory lending”; and that consequently, Opera’s entire lending business was “at risk of disappearing or being severely curtailed when Google notices” the violations.
On this news, the price of Opera’s ADSs plummeted.
The case is Brown v. Opera Limited, et al., 20-cv-00674.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.