News Harsh criticism of app practices: Opera contradicts reports

Harsh criticism of app practices: Opera contradicts reports

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Jan 21, 2020, 12:28 am
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Opera is currently in the crossfire of criticism. The company is accused of violating the rules in the Play Store and misappropriating money. Opera disagreed with the reports.

The Chinese company of the same name behind the well-known browser Opera is currently facing several critical reports. So the analysis company Hindenburg Research Opera accused, with its apps specializing in microcredit in developing markets against the Rules of Google’s Play Store to violate. In addition, Opera Chairman and CEO Yahiu Zhou is said to have drawn $ 40 million from the company and redirect it to other related companies. Opera disagreed with the report.

Opera disputes allegations

In a statement that cited about G-HacksOpera said that Hindenburg Research’s report contained “numerous errors, unsubstantiated statements, and misleading conclusions, as well as interpretations, of business and events related to the company.” The company is still committed to the high standards of corporate governance. Opera also has strong financial results and wants to continue growing. Opera currently has over 350 million users.

Hindenburg Research referred to Opera as a “short seller”, a company that focuses on falling prices at listed companies. The price of Opera shares listed on the Nasdaq has plummeted from just over nine dollars to just seven dollars since the report was published on Thursday. May also have contributed to this an investor warning the New York law firm Kirby McInerney, which claims to investigate the allegations against Opera. Accordingly, Opera may not only have violated the app store rules, but also the U.S. securities laws.

Opera is owned by a Chinese consortium

Originally from the Norwegian company Opera Software developed browser was sold to the Chinese consortium Golden Brick Silk Road Equity Investment Fund II in the spring of 2016 for around $ 1 billion. In 2018, the new owners brought the company to Nasdaq under the name Opera Limited.

According to the Hindenburg Research Report, Opera is said to have dropped over 20 percent in its gross margin since the IPO. Operating cash flow is said to have dropped from $ 32 million in 2018 to minus ($ 12 million). In the meantime, the browser operator is said to make more than 40 percent of its sales with the criticized apps.

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