Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) Investor Securities Class Action Lawsuit 09/17/2019

If you purchased a significant amount of shares of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) between June 6, 2019 and August 28, 2019, and / or if you purchased any NASDAQ: OLLI shares prior to June 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 18, 2019. NASDAQ: OLLI investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Ollie's Bargain Outlet Holdings
Case Name: 
Ollie's Bargain Outlet Holdings Shareholder Class Action Lawsuit 09/17/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: OLLI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/17/2019
Class Period Begin: 
06/06/2019
Class Period End: 
08/28/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/18/2019
Summary: 

An investor in shares of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ollie’s Bargain Outlet Holdings, Inc. in connection with certain allegedly false and misleading statements made between June 6, 2019 and August 28, 2019.

Harrisburg, PA based Ollie's Bargain Outlet Holdings, Inc. operates as a retailer of brand name merchandise. Ollie's Bargain Outlet Holdings, Inc. reported that its Total Revenue rose from over $1.07 billion for 12 months period that ended on February 3, 2018 to over $1.24 billion for the 12 months period that ended on February 2, 2019, and that its Net Income increased from $127.59 million to $135.01 million over those respective time periods.

Shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) grew from $53.75 per share in early 2018 to as high as $102.19 per ahare on May 2019.

On August 28, 2019, Ollie's Bargain Outlet Holdings, Inc announced that its comparable-store sales had fallen 1.7%, missing its guidance of positive 1% to 2%. On a conference call later that Ollie's Bargain Outlet Holdings, Inc's CEO Mark Butler stated that comparable-store sales had fallen primarily because (i) new stores had cannibalized sales from stores in existing markets at a higher than historical rate, and (ii) the Company had underestimated the demand of initial inventory investment and replenishment for the new stores.

Shares of Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) declined from $54.31 per share on September 3, 2019.

On September 17, 2019, NASDAQ: OLLI shares closed at $62.58 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) common shares between June 6, 2019 and August 28, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 6, 2019 and August 28, 2019, the Defendants failed to disclose to investors that the Company suffered a supply chain issue that impacted the initial inventory available at new stores, that, as a result, the Company lacked sufficient inventory to meet demand at certain store locations, that, as a result, the Company’s comparable store sales were likely to decrease quarter-over-quarter, and 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.