NEW YORK, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Opera Limited (NASDAQ: OPRA), Beyond Meat, Inc. (NASDAQ: BYND), and Westpac Banking Corporation (NYSE: WBK). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Opera Limited (NASDAQ: OPRA)
Class Period: Securities purchased 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 15, 2020 (the “Class Period”).
Lead Plaintiff Deadline: March 23, 2020
On January 16, 2020, Hindenburg Research (“Hindenburg”) published a report stating that Hindenburg had “a 12-month price target of $2.60 on Opera, representing a 70% downside.” Among other issues, Hindenburg reported that Opera’s “browser market share is declining rapidly, down ~30% since its IPO”; 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 ranging from ~365-876%”; that Opera’s lending business applications, many of which are offered on Google’s Play Store—particularly, OKash, OPesa, CashBean, and Opay—were “in black and white violation of numerous Google rules” aimed at “curtail[ing] predatory lending”; and that consequently, Opera’s entire lending business was “at risk of disappearing or being severely curtailed when Google notices” Opera’s alleged violation of its rules.
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.
The Complaint, filed on January 24, 2020, 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, 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.
For more information on the Opera class action go to: https://bespc.com/opra
Beyond Meat, Inc. (NASDAQ: BYND)
Class Period: May 2, 2019 to January 27, 2020
Lead Plaintiff Deadline: March 30, 2020
On January 27, 2020, Don Lee Farms issued a press release entitled “Judge Rules Don Lee Farms Likely to Obtain a Judgment. Beyond Meat’s CFO and Others Named Individually for Fraud.” The press release stated, in part, that “[a] judge has ruled Don Lee Farms proved the probable validity of its claim that Beyond Meat breached its manufacturing agreement with Don Lee Farms” and that “[i]n a separate motion before a different Judge, the Court granted Don Lee Farms’ request to name Beyond Meat Chief Financial Officer Mark Nelson, Senior Quality Assurance Manager Jessica Quetsch and Director of Operations Anthony Miller in its fraud claims which allege they intentionally doctored and omitted material information from a food safety consultant’s report, and then delivered that doctored report to Don Lee Farms and affirmatively represented that it was the complete opinion of the consultant.”
On this news, Beyond Meat’s stock price fell $4.63, or 3.71%, to close at $120.12 on January 28, 2020.
The Complaint, filed on January 30, 2020, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Beyond Meat’s termination of its supply agreement with Don Lee constituted a breach of that agreement, thus exposing the Company to foreseeable legal liability and reputational harm; (ii) Beyond Meat and certain of its employees had doctored and omitted material information from a food safety consultants report, which the Company represented as accurate to Don Lee; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Beyond Meat class action go to: https://bespc.com/bynd
Westpac Banking Corporation (NYSE: WBK)
Class Period: November 11, 2015 to November 19, 2019
Lead Plaintiff Deadline: March 30, 2020
On November 20, 2019, the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) charged Westpac with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the “AML-CTF Act”). Further, Westpac’s senior management failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation
On this news, Westpac’s stock price fell $0.80 per share, or over 4%, to close at $17.15 per share on November 20, 2019.
The Complaint, filed on January 30, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia's anti money-laundering and terrorism financing regulator; (2) the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia; (3) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; (5) the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Westpac class action go to: https://bespc.com/wbk
About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.