LOS ANGELES , Oct. 31, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 18, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Ollie’s Bargain Outlet Holdings, Inc. (“Ollie’s” or the “Company”) (NASDAQ: OLLI) investors who purchased securities between June 6, 2019 and August 28, 2019 inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
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.”
On this news, shares of Ollie’s fell $21.41, or over 27%, to close at $56.36 per share on August 29, 2019, 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: (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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired Ollie’s securities during the Class Period you may move the Court no later than November 18, 2019 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 Lesley Portnoy, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com