OPRA – Opera Limited Securities Investigation
Opera Limited Shareholder Alert – Kehoe Law Firm, P.C. Investigating Securities Claims on Behalf of OPRA Shareholders
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Opera Limited (“Opera” or the “Company”) (NasdaqGS: OPRA) to determine whether Opera may have issued materially misleading information to the investing public in violation of the federal securities laws.
On January 16, 2020, Hindenburg Research published a report alleging, among other things, that “[m]ost of Opera’s lending business is operated through apps offered on Google’s Play Store. In August, Google tightened rules to curtail predatory lending and, as a result, Opera’s apps are now in black and white violation of numerous Google rules.” Further, Hindenburg Research stated that Opera, “[i]nstead of disclosing to investors that its “high-growth” microfinance segment could be imperiled by these new rules, Opera . . . immediately raised $82 million in a secondary offering without disclosing Google’s changes to investors.”
On this news, Opera’s stock price fell sharply during intraday trading on January 16, 2020, injuring investors.
A class action lawsuit was filed on behalf of all persons and entities who purchased, or otherwise acquired, the American Depositary Shares (“ADS”) of Opera Limited (i) pursuant and/or traceable to the Company’s initial public offering that commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or (ii) Opera securities between July 27, 2018 and January 15, 2020, inclusive (the “Class Period”). The class action lawsuit seeks to recover damages for Opera investors under the federal securities laws.
According to the lawsuit, the Offering Documents and defendants throughout the Class Period made false and/or misleading statements and/or failed 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.
If you purchased, or otherwise acquired, OPRA securities pursuant and/or traceable to the IPO and/or during the Class Period and wish to discuss Kehoe Law Firm’s investigation, the class action lawsuit or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected].
Kehoe Law Firm, P.C.
