Lead Plaintiff Deadline: 03/24/2020
SUMMARY OF CASE:
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Opera Limited (“Opera” or the “Company”) (NASDAQ: OPRA), and certain other defendants, related to alleged violations of federal securities laws. If you purchased Opera American Depositary Shares (“ADSs”) between July 27, 2018 and January 15, 2020, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Opera provides web browser applications and has also increased its fintech business, providing mobile loan and financing applications marketed to Kenya, Nigeria, and India, and offered on Google’s Play Store marketplace.
The lawsuit alleges that defendants made false and misleading statements and/or failed to disclose adverse information regarding Opera’s business, operational, and compliance policies; specifically, 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) 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 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, the price of Opera ADSs fell $1.69 per share, or 18.7%, to close at $7.33 per share on January 16, 2020.
What You Can Do
If you purchased Opera ADSs between July 27, 2018 and January 15, 2020, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or email@example.com. The deadline for lead plaintiff motions is March 24, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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