NEW YORK, Sept. 18, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces the filing of a securities class action on behalf of shareholders that purchased or acquired shares of Ollie's Bargain Outlet Holdings Inc. ("Ollie's Bargain Outlet" or the "Company") (NASDAQ: OLLI) from June 6, 2019, through August 28, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Ollie's Bargain Outlet securities, and/or would like to discuss your legal rights and options please visit OLLI Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company suffered a supply chain issue that impacted the initial inventory available at new stores; (2) that, as a result, the Company lacked sufficient inventory to meet demand at certain store locations; (3) that, as a result, the Company's comparable store sales were likely to decrease quarter-over-quarter; and (4) 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.
On August 28, 2019, Ollie's Bargain Outlet announced that it's comparable-store sales had fallen 1.7%, missing its guidance of positive 1% to 2%. In addition, Ollie's Bargain Outlet disclosed that a "bottleneck issue" had existed in its supply chain "for most all of Q2" and was not corrected until "the last week of the quarter."
On this news, Ollie's Bargain Outlet's stock price fell $21.41 or approximately 27% to close at $56.36 on August 29, 2019.
If you purchased Ollie's Bargain Outlet securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/olliesbargainoutletholdingsinc-olli-shareholder-class-action-lawsuit-stock-fraud-173/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP