Ollie's Bargain Outlet Holdings, Inc.
(NASDAQ GS: OLLI)
Attention investors who purchased shares of Ollie's Bargain Outlet Holdings, Inc. between June 6, 2019 and August 28, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Ollie's Bargain Outlet Holdings, Inc. ("Ollie's") concerning whether Ollie's and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period June 6, 2019 and August 28, 2019, inclusive (the "Class Period"), concerning Ollie's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of Ollie's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Ollie’s Bargain Outlet Holdings, Inc. (“Ollie’s” or the “Company”) (NASDAQ GS: OLLI) between June 6, 2019 and August 28, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Ollie’s during the Class Period, or purchased shares prior to the Class Period and still hold Ollie’s, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that the Company suffered a supply chain issue that impacted the initial inventory available at new stores; (2) that, as a result, the Company lacked sufficient inventory to meet demand at certain store locations; (3) that, as a result, the Company’s comparable store sales were likely to decrease quarter-over-quarter; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 28, 2019, Ollie’s reported that comparable store sales decreased 1.7% during second quarter 2019. In addition, Ollie’s disclosed that a “bottleneck issue” had existed in its supply chain “for most all of Q2” and was not corrected until “the last week of the quarter.”
On this news, shares of Ollie’s fell over 27%, closing at $56.36 per share on August 29, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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