Oddity Tech Ltd. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Oddity Tech Ltd.
PRNewswire 25-Jul-2024 9:08 AM
Upcoming Lead Plaintiff Deadline is September 17, 2024
NEW YORK, July 25, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of those who acquired Oddity Tech Ltd. ("Oddity" or the "Company") (NASDAQ:ODD) securities during the period of July 19, 2023 to May 20, 2024, inclusive ("the Class Period").
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than September 17, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
PLEASE CLICK HERE TO PROVIDE CONTACT AND TRANSACTION INFORMATION
On May 21, 2024, the short-seller Ningi Research ("Ningi"), published a report on Oddity that alleged that the Company "completely misled investors about every critical aspect of its business," particularly regarding its AI technology capabilities. The Company had attributed repeat sales and customers to its AI
technology's ability to generate hyper-personalized product suggestions for customers, but the Ningi Report found that Oddity's "repeat purchase rates" were attributable to "customers unknowingly enter[ing] into non-cancelable plans" that allow the Company "to recognize repeat purchases in
the following quarters even though the customers don't want the product."
Ningi also asserted that it had "found hundreds of undisclosed lawsuits filed against ODDITY and its subsidiaries in the US and Israel, frequently alleging unpaid bills and violations of consumer protection laws." The Ningi Report alleged that the Defendants were engaged in a pump-and-dump scheme,
documenting instances of insider selling by its executives.
On this news, the price of Oddity Class A shares declined by $3.02 per share, from $40.99 on May 20, 2024, to close at $37.97 on May 21, 2024.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
