A lawsuit was filed on behalf of investors in Opera Limited (NASDAQ: OPRA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/03/2020 -- An investor, who purchased shares of Opera Limited (NASDAQ: OPRA), filed a lawsuit over alleged violations of Federal Securities Laws by Opera Limited.
Investors who purchased shares of Opera Limited (NASDAQ: OPRA) have certain options and for certain investors are short and strict deadlines running. Deadline: March 24, 2020. NASDAQ: OPRA investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Norway based Opera Limited, through its subsidiaries, provides mobile and PC web browsers in Ireland, Russia, and internationally. 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 before underwriting discounts and commissions, and other expenses.
On January 16, 2020, a report was published placing "a 12-month price target of $2.60 on Opera Limited (OPRA), representing a 70% downside." The report listed various issues, including, "Most 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." The report further stated, "Instead of disclosing to investors that its "high-growth" microfinance segment could be imperiled by these new rules, Opera instead immediately raised $82 million in a secondary offering without disclosing Google's changes to investors."
The plaintiff claims that between July 27, 2018 and January 15, 2020, the Offering Documents that were issued in connection with the Company's initial public offering commenced on or about July 27, 2018 and that the Defendants made false and/or misleading statements and/or failed to disclose that Opera's sustainable growth and market opportunity for its browser applications was significantly overstated, that Defendants' funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices, that 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 that 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.
Those who purchased shares of Opera Limited (NASDAQ: OPRA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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