Charleston, South Carolina, July 30, 2024 (GLOBE NEWSWIRE) -- Poulin Willey Anastopoulo LLC announces that a class action has been filed in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased the securities of Oddity Tech LTD.(“Oddity” or the “Company”) (NASDAQ: ODD) between July 19, 2023 and May 20, 2024, both dates inclusive (the “Class Period”).
According to the Complaint, the Company 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 artificial intelligence (“AI”) driven online platform, using data science, machine learning, and computer vision capabilities to identify consumer needs, as well as develop solutions in the form of beauty and wellness products.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Oddity overstated its AI technology and capabilities, and/or the extent to which this technology drove the Company’s sales; (ii) Oddity’s repeat purchase rates and revenues were, at least in part, derived from unsustainable and deceptive sales and advertising practices; (iii) Oddity downplayed the true scope and severity of ongoing civil litigation against the Company and/or its subsidiaries; and (iv) as a result, Oddity's public statements were materially false and misleading at all relevant times.
On May 21, 2024, NINGI Research (“Ningi”) published a report concerning Oddity (the Ningi Report”), representing that Oddity “completely misled investors about every critical aspect of its business[.]” The Ningi Report alleged that it “talked to former employees who told [Ningi] that … [Oddity’s] AI is nothing but a questionnaire”; the touted “repeat purchase rates” are driven by customers unknowingly entering into non-cancelable plans that permit revenue to be recognized each quarter and Ningi found hundreds of undisclosed lawsuits, including multiple class actions alleging unpaid bills and consumer law violations.
The Complaint alleges that on this news, Oddity’s Class A shares fell $3.02 per share, or over 7%, to close at $37.97 per share on May 21, 2024. The share price continued to drop an additional $1.30 per share, or 3.42%, over the next two trading days, closing at $36.67 per share on May 23, 2024.
Investors who purchased or otherwise acquired Class A shares of Oddity should contact the Firm before September 17, 2024, the lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this securities class action, please contact Ahmad Jackson at 803-222-222 or via e-mail at ahmad.jackson@poulinwilley.com.
Any additional questions may be directed to Stuart J. Guber, Esq, at stuart.guber@poulinwilley.com, the Firm’s Director of Shareholder Services and Securities Litigation, with almost 35 years of experience representing public pension funds, Taft-Hartley union pension plans and health & welfare funds, and high net-worth investors and other individuals in securities class actions and opt-out litigation.
Poulin | Willey | Anastopoulo has offices in Florence, Charleston, Ladson, Columbia, Greenville, Lexington, Myrtle Beach, Rock Hill, and Hampton, South Carolina. Charlotte and Lumberton, North Carolina. Atlanta, Albany, Athens, Augusta, Columbus and Macon in Georgia. Visit: RespectResults.com to learn more.
Contact: Stuart J. Guber Director of Shareholder Services and Securities Litigation Email: stuart.guber@poulinwilley.com
