NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Opera Limited (“Opera” or the “Company”) (NASDAQ: OPRA). This investigation concerns whether Opera has violated federal securities laws and/or engaged in other unlawful business practices.
On January 16, 2020, Hindenburg Research published a report alleging that Opera’s microfinancing app is in violation of the Google Play Store’s policies on predatory, short-term lending and misleading apps. The report also alleges that Opera’s chairman and CEO, Yahui Zhou, diverted $40 million of company proceeds to entities owned or influenced by Zhou through a series of questionable related-party transactions that were not adequately disclosed to investors.
On this news, the price of Opera American Depository Receipts (“ADRs”) fell $1.69, or 18.7%, to close at $7.33 on January 16, 2020.
If you acquired Opera securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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