Trending...
- xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 17, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Olaplex Holdings, Inc. ("Olaplex" or the "Company") (NASDAQ: OLPX) common stock pursuant and/or traceable to the Company's September 2021 initial public offering (the "IPO").
Investors suffering losses on their Olaplex investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
In September 2021 Olaplex conducted its IPO, selling 73.7 million shares of common stock at $21.00 per share.
On September 29, 2022, Piper Sandler downgraded the stock to Neutral based on work showing that "competition and misinformation pose growing risks to the company." On this news, Olaplex's stock price fell $1.33, or 12.2%, to close at $9.62 per share on September 29, 2022, thereby injuring investors.
More on The PennZone
Then, on October 18, 2022, Olaplex reduced its financial outlook for fiscal 2022, expecting net sales between $704 million and $711 million. The Company attributed the revised guidance to "a slowdown in sales momentum that it attributes to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition." Additionally, Olaplex announced that its Chief Operating Officer was stepping down from her post.
On this news, Olaplex's stock price fell $5.55, or 56.7%, to close at $4.24 per share on October 19, 2022, significantly below the IPO price.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) macroeconomic pressures and competition in the haircare market were more robust than the Company had represented to investors; (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 the Offering Documents; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
If you purchased or otherwise acquired Olaplex common stock pursuant and/or traceable to the IPO, you may move the Court no later than January 17, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Investors suffering losses on their Olaplex investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
In September 2021 Olaplex conducted its IPO, selling 73.7 million shares of common stock at $21.00 per share.
On September 29, 2022, Piper Sandler downgraded the stock to Neutral based on work showing that "competition and misinformation pose growing risks to the company." On this news, Olaplex's stock price fell $1.33, or 12.2%, to close at $9.62 per share on September 29, 2022, thereby injuring investors.
More on The PennZone
- Exciting First Five Months Of 2025 At Aiatranslations
- Fairmint Introduces First Fully Onchain and Open Cap Table Infrastructure
- Vortex Brands Begins Gold Purchases Under New Joint Venture with Dubai-Based Partner
- Author Chandra Donelson Visits the Children's Museum of Pittsburgh
- Chandra Donelson Headlines the Hike2 Innovation Summit 2025
Then, on October 18, 2022, Olaplex reduced its financial outlook for fiscal 2022, expecting net sales between $704 million and $711 million. The Company attributed the revised guidance to "a slowdown in sales momentum that it attributes to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition." Additionally, Olaplex announced that its Chief Operating Officer was stepping down from her post.
On this news, Olaplex's stock price fell $5.55, or 56.7%, to close at $4.24 per share on October 19, 2022, significantly below the IPO price.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) macroeconomic pressures and competition in the haircare market were more robust than the Company had represented to investors; (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 the Offering Documents; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
- NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
- Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
- Actuated Medical Launches Participating Preferred Series A Round, Led by Keiretsu Forum Mid-Atlantic, South-East, & Texas
- ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
- Viatris Announces Positive Top-Line Results from Two Pivotal Phase 3 Studies of Novel Fast-Acting Meloxicam (MR-107A-02) for the Treatment of Moderate-to-Severe Acute Pain
If you purchased or otherwise acquired Olaplex common stock pursuant and/or traceable to the IPO, you may move the Court no later than January 17, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Nurse leader Julie Nyhus has been named editorial director of American Nurse Journal
- ABM for Good™ Launches First Project with Build Change
- Braces for Teenagers in Allentown Offered by Exeter Smiles
- Roots for Boots to Host "Bike Day Bash" Featuring Trike Presentation to Local Veteran
- JOSHWAY Cuts Ribbon on New Brick-and-Mortar Location
- ImagineX, in Collaboration with Qualys, Launches New mROC Services to Transform Enterprise Cyber Risk Management
- Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
- Jay Tapp was named Managing Director in British Columbia
- Children's Hospital of Philadelphia Researchers Recommend New Standard of Care for Families with Hereditary Neuroblastoma Linked to ALK Mutation
- GormanSquared Announces Provisional Patent
- Hubei Heavy Equipment Makes a Striking Appearance at CIMT and Competes with International Brands
- 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)
- NASDAQ Uplisting for Higher Market Exposure and Wide Corporate Benefits to AI Boosted Marketing Company On Track Towards $1 Billion Revenue by 2027
- Congressional Men's Health Caucus Shows Bipartisan Consensus and Focus on Prevention, Mental Health, and Closing the Lifespan Gap
- Chewy Chums™ Launches NeverBite™ on Kickstarter
- DuoKey, Axiomtek and Blue Edge Network Partner to Enhance Smart Cities with Privacy-Preserving Urban Safeguarding and Fleet Management
- Fangzhou Launches Otsuka's Third-Generation Leukemia Drug Ponatinib on its Platform
- Viatris Announces Appointments of Frank D'Amelio and Michael Severino, M.D., to the Company's Board of Directors
- Austin Keen Joins WakeFX RopePal as Official Brand Ambassador
- Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise