NASDAQ: OLLI Shareholder Notice: Lawsuit Alleges Securities Laws Violations by Ollie's Bargain Outlet Holdings, Inc.
A lawsuit was filed on behalf of investors in Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) shares over alleged securities laws violations.
San Diego, CA -- (SBWire) -- 10/01/2019 --An investor, who purchased shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI), filed a lawsuit over alleged Securities Laws violations by Ollie's Bargain Outlet Holdings, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) grew from $53.75 per share in early 2018 to as high as $102.19 per share on May 2019.
On August 28, 2019, Ollie's Bargain Outlet Holdings, Inc announced that its comparable-store sales had fallen 1.7%, missing its guidance of positive 1% to 2%. On a conference call later that Ollie's Bargain Outlet Holdings, Inc's CEO Mark Butler stated that comparable-store sales had fallen primarily because (i) new stores had cannibalized sales from stores in existing markets at a higher than historical rate, and (ii) the Company had underestimated the demand of initial inventory investment and replenishment for the new stores.
Shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) declined from $54.31 per share on September 3, 2019.
On September 17, 2019, NASDAQ: OLLI shares closed at $62.58 per share.
The plaintiff claims that between June 6, 2019 and August 28, 2019, the Defendants failed to disclose to investors that the Company suffered a supply chain issue that impacted the initial inventory available at new stores, that, as a result, the Company lacked sufficient inventory to meet demand at certain store locations, that, as a result, the Company's comparable store sales were likely to decrease quarter-over-quarter, and 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.
Those who purchased shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) have certain options and should contact the Shareholders Foundation.
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