This lawsuit is for anyone who acquired securities in Olaplex Holdings, Inc. (NASDAQ: OLPX) from September 30, 2021 through November 17, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's IPO, the Company misled investors regarding its financial condition. More specifically, the lawsuit allege misled investors by failing to timely inform investors that the Company was experiencing a slowdown in sales growth.
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, the price of the Company's stock dropped precipitously on unusually heavy trading volume. 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, the price of the Company's stock again dropped precipitously on unusually heavy trading volume and traded at a lower price at the time of this lawsuit than it did at the time of the IPO..
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Olaplex Holdings, Inc. (NASDAQ: OLPX) from September 30, 2021 through November 17, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.