AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Shareholder Alert: Robbins LLP Reminds Investors the Lead Plaintiff Deadline is Approaching for Opera Limited (OPRA)

February 5, 2020 GMT

SAN DIEGO & OSLO, Norway--(BUSINESS WIRE)--Feb 4, 2020--

Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Opera Limited (NASDAQ: OPRA) has sued the Company for alleged violations of the Securities Act of 1933 pursuant to its August 2018 initial public offering (“IPO”) and for violations of the Securities Exchange Act of 1934 between July 27, 2018 and January 15, 2020. Opera provides mobile and PC web browsers in Ireland, Russia, and internationally.

If you suffered a loss as a result of Opera’s misconduct, click here.

Opera Limited (OPRA) Accused of Misleading Investors in IPO

According to the complaint, Opera Limited completed its IPO on August 9, 2018, offering 9.6 million American Depositary Shares (“ADSs”) at $12.00 per ADS and raising approximately $115.2 million in proceeds. At the time of its IPO and throughout the relevant period, Opera touted its sustainable growth and market opportunity for its browser applications; however, these numbers were materially overstated and the Company failed to disclose that it controlled loan service applications on the Google Play Store marketplace that relied on predatory lending practices. Then on January 16, 2020, Hindenburg Research published a report that had a “12-month price target of $2.60 on Opera, representing a 70% downside,” citing the rapid decline of Opera’s market share since its IPO and the Company’s involvement in predatory short-term loan tactics that were in “black and white violation of numerous Google rules.” On this news, Opera’s ADS price fell $1.69 per share, or almost 19%, to close at $7.33 and continues to trade below Opera’s IPO price.

If you purchased Opera Limited (OPRA) securities between July 27, 2018 and January 15, 2020, you have until March 24, 2020, to ask the court to be appointed lead plaintiff for the class.

Contact us to learn more:
Leo Kandinov
(800) 350-6003
LKandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200204006099/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

LKandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: NORWAY EUROPE UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2020.

PUB: 02/04/2020 07:56 PM/DISC: 02/04/2020 07:56 PM

http://www.businesswire.com/news/home/20200204006099/en