BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming November 18, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Ollie’s Bargain Outlet Holdings, Inc. (“Ollie’s” or the “Company”) (NASDAQ: OLLI) securities between June 6, 2019 and August 28, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Ollie’s investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On August 28, 2019, Ollie’s reported that comparable store sales decreased 1.7% during second quarter 2019. In addition, 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, or over 27%, to close at $56.36 on August 29, 2019, thereby injuring investors.
The complaint filed in this class action 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, you may move the Court no later than November 18, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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