NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Opera Limited (“Opera” or the “Company”) (NASDAQ:OPRA) of the March 24, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Opera stock or options between July 27, 2018 and January 15, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/OPRA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Opera securities between July 27, 2018 and January 15, 2020 (the “Class Period”). The case, Brown v. Opera Limited et al, No. 20-cv-00674 was filed on January 24, 2020, and has been assigned to John G. Koeltl.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (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) as a result, the Offering Documents and Defendants’ statements were materially false and/or misleading and failed to state information required to be stated therein.
Specifically, on January 16, 2020, Hindenburg Research (“Hindenburg”) published a report asserting that Hindenburg had “a 12-month price target of $2.60 on Opera, representing a 70% downside.” Among other issues, Hindenburg reported 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, many of which are offered on Google’s Play Store—particularly, OKash, OPesa, CashBean, and Opay—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” Opera’s alleged violation of its rules.
On this news, Opera's stock price fell from $9.02 per share on January 15, 2020 to $7.33 per share on January 16, 2020— a $1.69 or 18.74% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Opera’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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