Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of a class of all persons and entities who purchased or otherwise acquired Opera Limited securities between July 27, 2018 and January 15, 2020, both dates inclusive (the “Class Period”) including American Depository Shares (“ADSs”) issued in connection with its July 2018 Initial Public Offering.
The filed complaint alleges that Opera and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus and during the Class Period, violating federal securities laws.
On January 16, 2020, Hindenburg Research reported a range of allegations against the Company including that it had “a 12-month price target of $2.60 on Opera, representing a 70% downside”; 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, available through Google’s Play Store, 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” the violations.
On this news, the price of Opera’s ADSs plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 24, 2020 to request that the court appoint them lead plaintiff.