![]() It uncovered that Opera's CEO "was recently involved in a Chinese lending business" that saw its shares plunge by more than "80% in two years" and that Opera has started to make a "similar and dramatic pivot into predatory short-term loans in Africa and India". Hindenburg Research's analysis of Opera Software's performance and activity since the management change. The company's browser gross margins "collapsed by 22.6% in just one year" and the company has "swung to negative $12 million in LTM operating cash flow" from a positive $32 million in the 2018 period. The company was acquired by a Chinese-based investor group in 2018 prior to its IPO and things have taken a turn for the worse since then. The Company also remains committed to maintaining high standards of corporate governance and constantly evolving our products, practices and governance. The Company has recently launched and scaled multiple new businesses and has continued to post strong financial results, and intends to continue leveraging its well-known brand and large user base of more than 350 million users for additional growth. The Company believes that the report contains numerous errors, unsubstantiated statements, and misleading conclusions and interpretations regarding the business of and events relating to the Company. The Company is aware of and has carefully reviewed the report published by the short seller on January 16, 2020. The law firm of Kirby McInerney LLP is investigating these potential claims against Opera Limited. Opera Software has not reacted to the report at the time of writing. Note: Hindenburg Research specializes in "forensic financial research".
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