ACCESS Newswire
01 Dec 2022, 00:13 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / November 30, 2022 / Hagens Berman urges Olaplex Holdings, Inc. (NASDAQ:OLPX) investors who suffered significant losses to submit your losses now.
Defined Class: Purchasers in Olaplex Holdings' Sept. 30, 2021 IPO
Lead Plaintiff Deadline: Jan. 17, 2023
Visit: www.hbsslaw.com/investor-fraud/OLPX
Contact An Attorney Now: [email protected]
844-916-0895
Olaplex Holdings, Inc. (NASDAQ:OLPX) Securities Class Action:
The class action has been filed on behalf of investors who purchased Olaplex shares in or traceable to the company's Sept. 30, 2021 initial public offering ('IPO').
Specifically, Olaplex's IPO documents touted its competitive advantages and several significant tailwinds.
According to the complaint, Olaplex's IPO documents misrepresented and failed to disclose that: (1) macro-economic pressures and competition in the haircare market were more robust than the company represented; (2) accordingly, the company was unlikely to maintain its sales and revenue momentum; and, (3) as a result, it was unlikely that the company would be able to achieve the financial and operational growth projected in its offering documents.
Investors began to learn the truth on Sept. 29, 2022, when Piper Sandler published a negative report on Olaplex in which the analyst said, 'competition and misinformation are growing risks to the company' and that she anticipated investments in marketing and education were needed to offset the headwinds.
Then, on Oct. 18, 2022, Olaplex announced that it slashed its revenue guidance for FY 2022. The company blamed 'a slowdown in sales momentum that it attribute[d] to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition, as well as inventory rebalancing across certain customers[.]'
This news sent the price of Olaplex shares crashing over 56% lower on Oct. 19, 2022, closing at $4.24 or nearly 80% below the IPO price.
'We're focused on investors' losses and proving Olaplex's IPO documents misled investors about its growth prospects,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Olaplex and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Olaplex should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Kansas City Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kansas City Post.
More InformationMOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...