INVESTOR ALERT: Kirby McInerney LLP Announces That a Class Action Lawsuit Has Been Filed Against Opera Limited & Encourages I...
January 24 2020 - 8:05PM
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
investigations@kmllp.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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200124005487/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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