BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming March 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Opera Limited (“Opera” or the “Company”) (NASDAQ: OPRA): (a) American Depositary Shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or (b) securities between July 27, 2018 and January 15, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Opera investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On January 16, 2020, Hindenburg Research published a report alleging, among other things, that “Opera’s apps are now in black and white violation of numerous Google [Play Store] rules” on predatory, short-term lending, and misleading apps and that Opera had spent $9.5 million to purchase a business already funded and operated by Opera.
On this news, Opera’s share price fell $1.69, or over 18%, to close at $7.33 per share on January 16, 2020, thereby injuring investors.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated; (2) Defendants’ funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; (3) 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; and (4), that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Opera ADSs pursuant and/or traceable to the IPO and/or securities during the Class Period, you may move the Court no later than March 24, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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