NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) resulting from allegations that Ollie’s may have issued materially misleading business information to the investing public.
On August 28, 2019, Ollie’s announced that it’s comparable-store sales had fallen 1.7%, missing its guidance of positive 1% to 2%. On a conference call later that day Ollie’s CEO, Mark Butler, stated that comparable-store sales had fallen primarily because (1) new stores had cannibalized sales from stores in existing markets at a higher than historical rate, (2) the Company had underestimated the demand of initial inventory investment and replenishment for the new stores. Additionally, Ollie’s disclosed that a “bottleneck issue” had existed in the 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, or over 27%, to close at $56.36 on August 29, 2019, thereby injuring investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Ollie’s investors. If you purchased shares of Ollie’s please visit the firm’s website at http://www.rosenlegal.com/cases-register-1677.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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