The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Opera Limited (OPRA)
January 30 2020 - 8:00AM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming March 23, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of Opera Limited
(“Opera” or the “Company”) (NASDAQ: OPRA) investors who purchased
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”), inclusive (the “Class
Period”).
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 or otherwise acquired Opera securities during
the Class Period, you may move the Court no later than March 23,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action 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
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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/20200130005287/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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