Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ODDITY Tech Ltd. ("ODDITY" or the "Company") (NASDAQ: ODD) investors of a class action representing investors that bought securities between July 19, 2023, and May 20, 2024, inclusive (the "Class Period"). ODDITY investors have until September 17, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that during the class period, defendants failed to reveal that: (i) Oddity exaggerated its AI technology and its impact on the Company’s sales; (ii) Oddity’s repeat purchase rates and revenues were partly due to unsustainable and deceptive sales and advertising practices; (iii) Oddity downplayed the true extent and seriousness of ongoing legal issues against the Company and its subsidiaries; and (iv) as a result, Oddity’s public statements were misleading throughout the relevant period.
The complaint also states that on May 21, 2024, NINGI Research released a report on Oddity, accusing the Company of misleading investors about crucial aspects of its business. Specifically, the Ningi Report claimed that Ningi interviewed former employees who said the Company’s AI was just a questionnaire; that Oddity’s “repeat purchase rates” were due to customers being unknowingly enrolled in non-cancelable plans, which made it appear as if repeat purchases were occurring even if customers didn’t want the product; and that Ningi found hundreds of undisclosed lawsuits against Oddity and its subsidiaries in the US and Israel, including multiple class action lawsuits for unpaid bills and consumer protection violations. Following this report, Oddity’s Class A share price dropped by $3.02 per share, or 7.37%, closing at $37.97 on May 21, 2024. The share price continued to fall by an additional $1.30 per share, or 3.42%, over the next two trading days, ending at $36.67 per share on May 23, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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