Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Ollies Bargain Outlet Holdings, Inc. who purchased shares between June 6, 2019 and August 28, 2019.
Ollie’s and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 28, 2019, the Company disclosed a 1.7% decline in store sales for 2Q 2019 as well as the existence of a supply chain “bottleneck issue” that occurred “for most all of Q2” that was not corrected until “the last week of the quarter.”
On this news, the price of Ollie’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 18, 2019 to request that the court appoint them lead plaintiff.