December 5, 2019
Bernstein Liebhard LLP announced today that the court appointed the Firm as co-lead counsel in a securities class action lawsuit pending in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired shares of Ollie’s Bargain Outlet Holdings Inc. (“Ollie’s Bargain Outlet” or the “Company”) (NASDAQ: OLLI) from June 6, 2019, through August 28, 2019, inclusive (the “Class Period”).
The initial 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.
On August 28, 2019, Ollie’s Bargain Outlet announced that its comparable-store sales had fallen 1.7%, missing its guidance of positive 1% to 2%. In addition, Ollie’s Bargain Outlet 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, Ollie’s Bargain Outlet’s stock price fell $21.41 or approximately 27% to close at $56.36 on August 29, 2019.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for eleven consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP