The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Opera Limited ("Opera" or the "Company") (NASDAQ: OPRA) securities pursuant and/or traceable to the Company’s initial public offering commenced on or about July 27, 2018 (the "IPO" or "Offering") and/or between July 27, 2018 and January 16, 2020, inclusive (the "Class Period"). Portola investors have until March 23, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On January 16, 2020, Hindenburg Research published a report alleging, among other things, that "Opera’s apps are now in black and white violation of numerous Google [Play Store] rules" on predatory, short-term lending, and misleading apps and that Opera had spent $9.5 million to purchase a business already funded and operated by Opera.
Following 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.
Throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Offering Documents 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 public statements were materially false and misleading at all relevant times.
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If you purchased Opera securities during the Class Period, you may move the Court no later than March 23, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Opera securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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