SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Olaplex Holdings, Inc. - OLPX
NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Olaplex Holdings, Inc. ("Olaplex" or the "Company") (NASDAQ: OLPX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Olaplex and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around September 29, 2021, Olaplex commenced its initial public offering ("IPO"), selling 73.7 million shares priced at $21.00 per share. Then, 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."
On 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 in which "the Company revised its guidance for the 2022 fiscal year". Olaplex said it now expects fiscal year 2022 revenue between $704 million and $711 million, significantly down from its prior guidance range of $796 million to $826M. Olaplex stated that "[t]he Company's updated guidance primarily reflects a slowdown in sales momentum that it attributes to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition, as well as inventory rebalancing across certain customers which the Company believes are in response to these same macro-economic pressures."
On 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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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