Final Deadline: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Filed against Olaplex Holdings, Inc. (OLPX)
RADNOR, Pa., Jan. 16, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Olaplex Holdings, Inc. ("Olaplex") (NASDAQ: OLPX). The action charges Olaplex with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Olaplex's materially misleading statements and omissions to the public, Olaplex's investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE:JANUARY 17, 2023
CLASS PERIOD: SEPTEMBER 30, 2021 THROUGH NOVEMBER 17, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at email@example.com
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
OLAPLEX'S ALLEGED MISCONDUCT
On or about September 30, 2021, Olaplex conducted its IPO and issued 73,700,000 shares of its common stock to the public at $21.00 per share for approximate proceeds of $1,466,445,750.
Just one year after the IPO, on September 29, 2022, a Piper Sandler analyst downgraded Olaplex to Neutral from Overweight, stating that her work revealed that "competition and misinformation pose growing risks to the company." In addition, the analyst indicated that she anticipated investments in marketing and education were needed to offset the headwinds and that there is "little room for valuation upside given the risks at play." Following this news, Olaplex's stock price fell $1.33 per share, or 12.15%, to close at $9.62 per share on September 29, 2022.
Then, on October 18, 2022, Olaplex issued a press release wherein the company revised its guidance for the 2022 fiscal year and revealed that it now expects fiscal year 2022 revenue to be significantly less than its prior guidance. The company disclosed that the reason for the revised downward guidance was due to: (1) a slowdown in sales momentum that it attributes to macro-economic pressures; (2) increased competitive activity including discounting, and a moderation in new customer acquisition; and (3) inventory rebalancing across certain customers. Following this news, Olaplex's stock price fell $5.55 per share, or 56.69%, to close at $4.24 per share on October 19, 2022.
On the date the complaint was filed, the price of Olaplex common stock closed at $5.75, well below the IPO price of $21.00 per share.
WHAT CAN I DO?
Olaplex investors may, no later than January 17, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Olaplex investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Olaplex, captioned Lilien v. Olaplex Holdings, Inc. et al., Case No. 22-cv-08395, is filed in the United States District Court for the Central District of California before the Honorable Christina A. Snyder.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087