Opera Limited (NASDAQ: OPRA) Investor Securities Class Action Lawsuit 01/24/2020

If you purchased shares of Opera Limited (NASDAQ: OPRA), you 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, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Opera
Case Name: 
Opera Shareholder Class Action Lawsuit 01/24/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: OPRA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/24/2020
Class Period Begin: 
07/27/2018
Class Period End: 
01/15/2020
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
03/24/2020
Summary: 

An investor in shares of Opera Limited (NASDAQ: OPRA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Opera Limited in connection with certain allegedly false and misleading statements made between July 27, 2018 and January 15, 2020.

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. Opera Limited reported that its annual Total Revenue rose from $128.89 million in 2017 to $172.27 million in 2018 and that its Net Income increased from $6.06 million in 2017 to $35.16 million in 2018.

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."

Shares of Shares of Opera Limited (NASDAQ: OPRA) declined from over $10 per share in late December 2019 to as low as $6.76 per share on January 21, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Opera Limited (NASDAQ: OPRA) common shares between July 27, 2018 and January 15, 2020, that the defendants violated Federal Securities Laws. More specifically, 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.