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Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Oddity Tech Ltd. (ODD)
Globe Newswire 7-Aug-2024 3:48 PM
LOS ANGELES, Aug. 07, 2024 (GLOBE NEWSWIRE) --
Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming September 17, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Oddity Tech Ltd. ("Oddity" or the "Company") (NASDAQ:ODD) securities between July 19, 2023 and May 20, 2024, inclusive (the "Class Period").
If you suffered a loss on your Oddity investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Oddity-Tech-Ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On May 21, 2024, NINGI Research published a report alleging, among other things, that Oddity "completely misled investors about every critical aspect of its business," specifically regarding its AI, stating that former employees disclosed that the Company's AI is nothing but a questionnaire"; that Oddity's lauded "repeat purchase rates" are 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." Additionally, the report claimed 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," including multiple class action lawsuits filed within the past several years.
On this news, Oddity's stock price fell $3.02, or 7.4%, to close at $37.97 per share on May 21, 2024, thereby injuring investors.
The 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 that: (1) Oddity overstated its AI technology and capabilities, and/or the extent to which this technology drove the Company's sales; (2) Oddity's repeat purchase rates and revenues were, at least in part, derived from unsustainable and deceptive sales and advertising practices; (3) Oddity downplayed the true scope and severity of ongoing civil litigation against the Company and/or its subsidiaries; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Oddity securities during the Class Period, you may move the Court no later than September 17, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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