Berger Montague Investigates Securities Fraud Class Action Claims Against Opera Limited (NASDAQ: OPRA); Lead Plaintiff Deadline is March 24, 2020
PHILADELPHIA, Feb. 14, 2020 – Berger Montague announces that a class action lawsuit has been filed against Opera Limited (“Opera” or the “Company”) on behalf of all purchasers of Opera American Depositary Shares (“ADS”) between July 27, 2018 and January 15, 2020 (“Class Period”).
If you wish to discuss the claims against Opera or have any questions concerning your rights or interests, please contact our attorneys Andrew Abramowitz, Esq. at (215) 875-3015 or Michael Dell’Angelo, Esq. at (215) 875-3080, or visit www.bergermontague.com/opera-limited.
The suit alleges that Opera and members of its senior management misrepresented the Company’s financial health, specifically by failing to disclose that:
- The market opportunity for Opera’s browser apps was significantly overstated;
- Its loan apps relied on predatory lending practices; and
- Once investors learned of the foregoing, there was likely to be a material negative impact on Opera’s financial prospects.
The market learned the truth on January 16, 2020, when a report by Hindenburg Research accused Opera of engaging in predatory lending practices in Africa and India, including charging egregious interest rates. According to the report, Opera’s apps were “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 of diverting $40 million of Company proceeds to entities owned or influenced by him through a range of questionable and inadequately disclosed transactions.
In response to this news, the price of Opera’s ADS fell sharply on January 16, 2020. Opera’s ADS now trade well below Opera’s IPO and secondary offering prices.
If you purchased Opera ADS during the Class Period and suffered damages, no later than March 24, 2020, you may request that the Court appoint you lead plaintiff of the proposed Class. You do not need to be a lead plaintiff to share in any possible recovery to the Class.
Whistleblowers: Persons with non-public information regarding Opera should consider their options to help Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of successful recoveries obtained by the SEC. For more information, please contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.