Law Offices of Howard G. Smith announces an investigation on behalf of Olaplex Holdings, Inc. (“Olaplex” or the “Company”) (NASDAQ: OLPX) investors concerning the Company’s possible violations of federal securities laws.
On or around September 29, 2021, Olaplex commenced its initial public offering (“IPO”), selling 73.7 million shares priced at $21.00 per share.
On September 29, 2022, Piper Sandler downgraded the stock to Neutral based on work showing that “competition and misinformation pose growing risks to the company.”
On this news, Olaplex’s stock price fell $1.33, or 12.2%, to close at $9.62 per share on September 29, 2022, thereby injuring investors.
Then, on October 18, 2022, Olaplex reduced its financial outlook for fiscal 2022, expecting net sales between $704 million and $711 million. The Company attributed the revised guidance to “a slowdown in sales momentum that it attributes to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition.” Additionally, Olaplex announced that its Chief Operating Officer was stepping down from her post.
On this news, Olaplex’s stock fell $5.55, or 56.7%, to close at $4.24 per share on October 19, 2022, significantly below the IPO price.
If you purchased Olaplex securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005332/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
