NEW YORK, Jan. 24, 2020 /PRNewswire/ -- Bernstein Liebhard,
a nationally acclaimed investor rights law firm, announces that a
securities class action has been filed on behalf of investors that
purchased or acquired the securities of Opera Limited ("Opera" or
the "Company") (NASDAQ: OPRA) either: (i) pursuant to and/or
traceable to the Company's initial public offering commenced on or
about July 27, 2018 (the "IPO" or the
"Offering") and/or (ii) between July 27,
2018, and January 15, 2020,
both dates inclusive (the "Class Period"). The lawsuit filed
in the United States District
Court for the Southern District of New
York alleges violations of the Securities Act of 1933 and
the Securities Exchange Act of 1934.
If you purchased Opera securities, and/or would like to
discuss your legal rights and options please visit Opera
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
The complaint alleges that the Defendants made false and/or
materially misleading statements and that the Offering Documents
were negligently prepared, and as a result contained untrue
statements of material fact or omitted to state other facts
necessary to make the statements made not misleading and were not
prepared in accordance with the rules and regulations governing
their preparation. Specifically, the Offering Documents and
Defendants made false and/or misleading statements and/or 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; (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; and
(iv) 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.
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 ADS price fell $1.69 per share, or 18.74%, to close at
$7.33 per share on January 16, 2020.
If you purchased Opera securities, and/or would like to
discuss your legal rights and options please
visit https://www.bernlieb.com/cases/operalimited-opra-shareholder-class-action-litigation-stock-fraud-240/apply/ or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 24, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP