SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that the Ollie’s Bargain Outlet Holdings, Inc. class action lawsuit was filed on behalf of purchasers of Ollie’s (NASDAQ: OLLI) securities between June 6, 2019 and August 28, 2019 (the “Class Period”) in the U.S. District Court for the Southern District of New York. The case is captioned Stirling v. Ollie’s Bargain Outlet Holdings, Inc., No. 1:19-cv-08647, and is assigned to Judge Oetken. The Ollie’s class action lawsuit charges Ollie’s and three of its executive officers with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Ollie’s securities during the Class Period to seek appointment as lead plaintiff in the Ollie’s class action lawsuit. A lead plaintiff acts on behalf of all other class members in directing the Ollie’s class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ollie’s class action lawsuit. An investor’s ability to share in any potential future recovery of the Ollie’s class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Ollie’s class action lawsuit or have questions concerning your rights regarding the Ollie’s class action lawsuit, please visit our website by clicking here or contact Brian Cochran at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. Lead plaintiff motions for the Ollie’s class action lawsuit must be filed with the court no later than November 16, 2019.
Ollie’s is an extreme value retailer that offers brand name merchandise at dramatically reduced prices. The Ollie’s class action lawsuit alleges that, throughout the Class Period, defendants failed to disclose that: (1) Ollie’s had suffered a supply chain issue that impacted the initial inventory available at new stores; (2) consequently, Ollie’s lacked sufficient inventory to meet demand at certain store locations; (3) as such, Ollie’s comparable-store sales were likely to decrease quarter over quarter; and (4) as a result of the foregoing, defendants’ positive statements about Ollie’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. As a result of this information being withheld from the market, Ollie’s securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of more than $97 per share.
On August 28, 2019, Ollie’s reported that its comparable-store sales had decreased 1.7% during the second quarter of 2019 and lowered its fiscal 2019 guidance. During a conference call held the same day to discuss the financial results, Ollie’s Chief Operational Officer, defendant John Swygert, 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, the price of Ollie’s shares fell more than 27% to close at $56.36 per share on August 29, 2019.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.