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PHILADELPHIA, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (“Ollie’s” or the “Company”) on behalf of investors who purchased or acquired shares of Ollie’s common stock between June 6, 2019 and August 28, 2019, inclusive (the “Class Period”).
Ollie’s investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at firstname.lastname@example.org, to discuss this action and their legal rights and options. Additional information may also be found at http://kaskelalaw.com/case/ollies/.
The shareholder class action complaint alleges that Ollie’s issued a series of false and misleading statements to investors during the Class Period, and failed to disclose that: (i) the Company suffered a supply chain issue that impacted the initial inventory available at new stores; (ii) the Company lacked sufficient inventory to meet demand at certain store locations; (iii) the Company’s comparable store sales were likely to decrease quarter-over-quarter; and (iv) 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.
According to the complaint, 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.” Following this news, shares of the Company’s common stock declined $21.41 per share, or over 27% in value, to close on August 29, 2019 at $56.36 per share.
IMPORTANT DEADLINE: Investors who purchased Ollie’s securities during the Class Period may, no later than November 18, 2019, seek to be appointed as a lead plaintiff representative in the action.
Ollie’s investors who suffered an investment loss in excess of $100,000 investing in the Company’s securities are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.