NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that it filed a class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of those who acquired Ollie’s Bargain Outlet Holdings, Inc. (“Ollie’s” or the “Company”) (NASDAQ: OLLI) securities during the period from June 6, 2019 through 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.
The lawsuit alleges that Ollie’s failed to disclose to investors that: (i) the Company suffered a supply chain issue that impacted the initial inventory available at new stores; (ii) as a result, the Company lacked sufficient inventory to meet demand at certain store locations; and (iii) as a result, the Company's comparable store sales were likely to decrease quarter-over-quarter.
On August 28, 2019, Ollie’s announced disappointing financial results for the second quarter and revised sales and earnings guidance for the full-year fiscal 2019. The Company reported comparable store sales decreased 1.7%. In addition, Ollie’s disclosed the existence of a “bottleneck issue” in the supply chain “[t]hat existed for most all of Q2,” which was not corrected until “the last week of the quarter.” On this news, shares of Ollie’s fell $21.41, or 27.5%, to close at $56.36 on August 29, 2019.
If you acquired Ollie’s securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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