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Case Status:    ONGOING    
On or around 08/24/2020 (Date of last review)

Filing Date: January 24, 2020

According to the Complaint, Opera Limited, through its subsidiaries, provides mobile and PC web browser applications in Ireland, Russia, and internationally, under the Opera Mini, Opera for Android, Opera Touch, and Opera for Computers brand names.

On August 9, 2018, Opera completed its IPO, issuing 9,600,000 ADSs priced at $12.00 per share, raising approximately $115.2 million in proceeds before underwriting discounts and commissions, and other expenses.

The Complaint alleges that the offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies; specifically, the Offering Documents and Defendants 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 Offering Documents and Defendants’ statements were materially false and/or misleading and failed to state information required to be stated therein.

On April 17, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 18.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: Other

SECURITIES INFORMATION:

Ticker Symbol: OPRA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-00674
JUDGE: Hon. John G. Koeltl
DATE FILED: 01/24/2020
CLASS PERIOD START: 07/27/2018
CLASS PERIOD END: 01/15/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 20-CV-00674
JUDGE: Hon. John G. Koeltl
DATE FILED: 06/18/2020
CLASS PERIOD START: 07/27/2018
CLASS PERIOD END: 01/15/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (New York)
No Document Title Filing Date
—Related District Court Filings Data is not available