PHILADELPHIA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC announces that a class action lawsuit was filed in the U.S. 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.
If you suffered losses as a result of your investment in Oddity (NASDAQ: ODD) and would like to learn about a potential recovery, CLICK HERE.
The lawsuit has been filed against Oddity on behalf of purchasers of Oddity securities between July 19, 2023 and May 20, 2024, inclusive (the “Class Period”).
The deadline for investors who purchased or acquired ODDITY securities during the Class Period to seek to be appointed as a lead plaintiff representative of the class, is September 17, 2024.
Headquartered in Tel Aviv, Israel, Oddity describes itself as “a consumer tech platform that is built to transform the global beauty and wellness market.” The Company purports to serve customers worldwide through its AI-driven online platform to identify consumer needs, as well as develop solutions in the form of beauty and wellness products.
According to the lawsuit, on May 21, 2024, NINGI Research published a report alleging that Oddity “completely misled investors about every critical aspect of its business[.]” In particular, the Ningi Report alleged that it “talked to former employees who told [Ningi] 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”; and that Ningi 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.”
On this news, Oddity's share price fell $3.02 per share, or 7.37%, to close at $37.97 per share on May 21, 2024. It continued to decline by an additional $1.30 per share, or 3.42%, over the following two consecutive trading sessions.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague PC
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
