NEW YORK–(BUSINESS WIRE)–#classaction–Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) securities between June 6, 2019 and August 28, 2019 (“the “Class Period”). Investors have until November 18, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On August 28, 2019, Ollie’s reported that store sales decreased 1.7% during the second quarter of 2019. Further, 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 $21.41 per share, or over 27%, to close at $56.36 per share on August 29, 2019.
The complaint, filed on September 17, 2019, alleges that throughout the Class Period 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: (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.
If you purchased Ollie’s securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Ollie’s lawsuit, please go to https://bespc.com/olli. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.