Scott+Scott Attorneys at Law LLP Reminds Investors of Securities Class Action Against Opera Limited (OPRA)

NEW YORK, Feb. 20, 2020 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is reminding investors that a class action lawsuit has been filed against Opera Limited ("Opera" or the "Company") (NASDAQ: OPRA), and other defendants, related to alleged violations of federal securities laws.  If you purchased Opera American Depositary Shares ("ADSs") between July 27, 2018 and January 15, 2020, you are encouraged to contact attorney Joe Pettigrew for additional information at (844) 818-6982 or [email protected].  The deadline for lead plaintiff motions is March 24, 2020.

Opera provides web browser applications and has also increased its fintech business, providing mobile loan and financing applications marketed to Kenya, Nigeria, and India, and offered on Google's Play Store marketplace.

The lawsuit alleges that defendants made false and misleading statements and/or failed to disclose adverse information regarding Opera's business, operational, and compliance policies; specifically, 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; and (iii) the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera's financial prospects.

On January 16, 2020, Hindenburg Research published a report asserting, among other things, that Opera was involved in "predatory short-term loans in Africa and India, deploying deceptive 'bait and switch' tactics to lure in borrowers and charging egregious interest rates" and that Opera's lending business applications were "in black and white violation of numerous Google rules" aimed at "curtail[ing] predatory lending."

On this news, the price of Opera ADSs fell $1.69 per share, or 18.7%, to close at $7.33 per share on January 16, 2020.

What You Can Do

If you purchased Opera ADSs between July 27, 2018 and January 15, 2020, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or [email protected]. 

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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CONTACT:

Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(844) 818-6982
[email protected]

SOURCE Scott+Scott Attorneys at Law LLP

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