LEAD PLAINTIFF DEADLINE IS MARCH 24, 2020
NEW YORK, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of who purchased or otherwise acquired Opera Limited (“Opera” or the “Company”) (OPRA):
- American Depositary Shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or
- Securities between July 27, 2018 and January 15, 2020, inclusive (the “Class Period”).
All investors who purchased American Depositary Shares of Opera Limited and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information and join the action on our website, www.whafh.com.
If you have incurred losses in the ADS’s of Opera Limited, you may, no later than March 24, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Opera Limited.
The market learned the truth on January 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.
On this news, Opera’s share price fell $1.69, or over 18%, to close at $7.33 per share on January 16, 2020.
The filed complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants failed to disclose to investors:
- Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated;
- Defendants’ funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices;
- 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, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com to join this action.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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