The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Opera Limited (OPRA)
25 January 2020 - 2:12PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of investors who purchased Opera
Limited (“Opera” or the “Company”) (NASDAQ: OPRA) securities
pursuant and/or traceable to the Company’s initial public offering
commenced on or about July 27, 2018 (the “IPO” or “Offering”)
and/or between July 27, 2018 and January 16, 2020, inclusive
(the “Class Period”). Portola investors have until March 23,
2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On January 16, 2020, Hindenburg Research published a report
alleging, among other things, that “Opera’s apps are now in black
and white violation of numerous Google [Play Store] rules” on
predatory, short-term lending, and misleading apps and that Opera
had spent $9.5 million to purchase a business already funded and
operated by Opera.
Following this news, Opera’s ADS price fell $1.69 per share, or
18.74%, to close at $7.33 per share on January 16, 2020.
Throughout the Class Period, defendants made materially false
and misleading statements regarding the Company’s business,
operational and compliance policies. Specifically, the Offering
Documents made false and/or misleading statements and/or failed to
disclose that: (i) Opera’s sustainable growth and market
opportunity for its browser applications was significantly
overstated; (ii) Defendants’ funded, owned, or otherwise controlled
loan services applications and/or businesses relied on predatory
lending practices; (iii) 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
(iv) as a result, the public statements were materially false and
misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Opera securities during the Class Period, you
may move the Court no later than March 23, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Opera securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200124005502/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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