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@zalex108, thanks for the instructions, but it didn't work for me. I have 2 folders with the same version number
49.0.2725.64 and 49.0.2725.64_0. I've renamed opera_autoupdate.exe in both folders and restarted the browser - but the message to update is still there ...
New menu item "Get the latest security update" reappear after installing the latest version 49.0.2725.64 (tried to reinstall it both ways: using web installer and using off-line package). After restarting the browser the menu item and red background on the Menu button reappear again. Seems the issue is may caused by partial blockage of opera.com online services in my country (I can't open *.opera.com sites without VPN enabled + web setup is able to download anything only via VPN tunnel).
OS: Windows 8.1 64