SAN FRANCISCO, Jan. 24, 2020 /PRNewswire/ -- Hagens Berman urges Opera (NASDAQ: OPRA) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. A securities class action has been filed against the Company and certain investors may have valuable claims.
Class Period: July 24, 2018 - Jan. 15, 2020
Lead Plaintiff Deadline: Mar. 24, 2020
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Opera (OPRA) Securities Class Action:
According to the Complaint, Defendants misled investors by misrepresenting and failing to disclose that (1) Opera's sustainable growth and market opportunity for its browser apps were significantly overstated and (2) Defendants' funded, owned, or otherwise controlled loan services apps and businesses relied on predatory lending practices, and (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 apps' continued availability on the Google Play Store.
The market learned the truth on Jan. 16, 2020, when Hindenburg Research published a scathing report about the Company, accusing Opera of engaging in predatory short-term loans in Africa and India, deploying deceptive "bait and switch" tactics to lure borrowers, and charging egregious interest rates ranging from about 365% - 876%. According to the report, Opera's apps are now "in black and white violation of numerous Google rules," and therefore "this entire line of business is at risk of disappearing or being severely curtailed."
In addition, the Report accused Opera's chairman and CEO, Yahui Zhou of diverting $40 million of Company proceeds to entities owned or influenced by Zhou through a slew of questionable related-party transactions that were not adequately disclosed to investors.
In response, the price of Opera ADSs fell sharply on Jan. 16, 2020. Opera ADSs now trade sharply below Opera's IPO and secondary offering prices.
"We're focused on investors' losses and proving Opera concealed the risks posed by its short term loan business and questionable related-party deals," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased ADSs of Opera and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Opera Limited should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email OPRA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP