Shareholder Alert: Robbins LLP Announces Opera Limited (OPRA) Sued for Misleading Shareholders
January 27 2020 - 3:02PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Opera Limited (NASDAQ: OPRA) has sued the Company for
alleged violations of the Securities Act of 1933 pursuant to its
August 2018 initial public offering ("IPO") and for violations of
the Securities Exchange Act of 1934 between July 27, 2018 and
January 15, 2020. Opera provides mobile and PC web browsers in
Ireland, Russia, and internationally.
If you suffered a loss as a result of Opera's misconduct, click
here.
Opera Limited (OPRA) Accused of Misleading Investors in
IPO
According to the complaint, Opera Limited completed its IPO on
August 9, 2018, offering 9.6 million American Depositary Shares
("ADSs") at $12.00 per ADS and raising approximately $115.2 million
in proceeds. At the time of its IPO and throughout the relevant
period, Opera touted its sustainable growth and market opportunity
for its browser applications; however, these numbers were
materially overstated and the Company failed to disclose that it
controlled loan service applications on the Google Play Store
marketplace that relied on predatory lending practices. Then on
January 16, 2020, Hindenburg Research published a report that had a
"12-month price target of $2.60 on Opera, representing a 70%
downside," citing the rapid decline of Opera's market share since
its IPO and the Company's involvement in predatory short-term loan
tactics that were in "black and white violation of numerous Google
rules." On this news, Opera's ADS price fell $1.69 per share, or
almost 19% to close at $7.33 and continues to trade below Opera's
IPO price.
Opera Limited (OPRA) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
LKandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200127005636/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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