Shareholder Alert: Robbins Arroyo LLP Announces Ollie's Bargain Outlet Holdings, Inc. (OLLI) Sued for Misleading Shareholders

SAN DIEGO & HARRISBURG, Pa.--()--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between June 6, 2019 and August 28, 2019. Ollie's Bargain Outlet sells brand name merchandise at reduced prices.

If you suffered a loss as a result of Ollie's' misconduct, click here.

Ollie's Bargain Outlet Holdings, Inc. (OLLI) Accused of Misleading Shareholders

According to the complaint, on June 6, 2019, Ollie's reported first quarter 2019 financial results that exceeded expectations and prompted the Company to raise its sales and earnings guidance for fiscal 2019. On June 10, 2019, Ollie's stated "[t]here were no other changes to [its] internal control over financial reporting…that have materially affected…[its] internal control over financial reporting" and reaffirmed its previously reported financial results. However, Ollie's failed to disclose in its reports that it was likely to experience a decrease in sales quarter-over-quarter due to lack of sufficient inventory to meet demand at certain store locations. As a result, on August 28, 2019, Ollie's reported a 1.7% decrease in sales for its second quarter 2019 and lowered its fiscal 2019 guidance, citing a "bottleneck issue" that existed in its supply chain "for most all of Q2." On this news, Ollie's' share price fell $21.41, or over 27%, to close at $56.36 and has yet to recover.

Ollie's Bargain Outlet Holdings, Inc. (OLLI) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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Contacts

Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
lkandinov@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

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Contacts

Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
lkandinov@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com