SHAREHOLDER WARNING: The Pomerantz Law Firm is Investigating Claims

SHAREHOLDER WARNING: The Pomerantz Law Firm is Investigating Claims

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NEW YORK, NY / ACCESSWIRE / November 5, 2022 / Pomerantz LLP is investigating claims on behalf of investors from Olaplex Holdings, Inc. (“Olaplex” or the “Company”) (NASDAQ: OLPX). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Olaplex and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On or about September 29, 2021, Olaplex began its initial public offering (“IPO”), selling 73.7 million shares at $21.00 per share. Then, on September 29, 2022, a Piper Sandler analyst downgraded Olaplex from Overweight to Neutral, stating her work had found that “competition and misinformation pose growing risks to the company.”

As a result of this news, Olaplex’s stock price fell $1.33 per share, or 12.15%, to close at $9.62 per share on September 29, 2022.

Then, on October 18, 2022, Olaplex issued a press release stating “the company revised its guidance for fiscal 2022.” Olaplex said it now expects fiscal 2022 revenue to be between $704 million and $711 million, down significantly from the previous guidance range of $796 million to $826 million. Olaplex stated that “[t]The company’s updated guidance primarily reflects a slowing in sales momentum, which it attributes to macroeconomic pressures, increased competitive activity, including price discounting, and a moderation in new customer acquisition, as well as a rebalancing of inventories at certain customers that the company believes are they are responding to the same macroeconomic pressures.”

As a result of this news, Olaplex’s stock price fell $5.55 per share, or 56.69%, to close at $4.24 per share on October 19, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is one of the leading law firms in the areas of corporate, securities and…

source_link https://www.digitaljournal.com/pr/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-olaplex-holdings-inc-olpx-5

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