Philadelphia, Pennsylvania--(Newsfile Corp. - September 15, 2024) - Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Oddity Tech Ltd. ("Oddity" or the "Company") (NASDAQ: ODD) on behalf of purchasers of Oddity securities between July 19, 2023 and May 20, 2024, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Oddity securities during the Class Period may, no later than September 17, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or Peter Hamner at phamner@bm.net or (215) 875-3048 or CLICK HERE.
Oddity describes itself as "a consumer tech platform that is built to transform the global beauty and wellness market." The Company purports to serve customers worldwide through its AI-driven online platform to identify consumer needs, as well as develop solutions in the form of beauty and wellness products.
Leading up to and following Oddity's initial public offering on or around July 19, 2023, Defendants widely portrayed the Company as a disruptor in the cosmetics industry. In particular, Defendants differentiated Oddity from traditional brick-and-mortar retailers by asserting that the Company used, inter alia, proprietary AI technologies to target consumer needs.
On May 21, 2024, NINGI Research published a report alleging that Oddity "completely misled investors about every critical aspect of its business[.]" In particular, the Ningi Report alleged that it "talked to former employees who told [Ningi] that the [Company's] AI is nothing but a questionnaire"; that Oddity's lauded "repeat purchase rates" are attributable to "customers unknowingly enter[ing] into non-cancelable plans"; and that Ningi had "found hundreds of undisclosed lawsuits filed against ODDITY and its subsidiaries in the US and Israel, frequently alleging unpaid bills and violations of consumer protection laws."
On this news, Oddity's share price fell $3.02 per share, or 7.37%, to close at $37.97 per share on May 21, 2024. It continued to decline by an additional $1.30 per share, or 3.42%, over the following two consecutive trading sessions.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Oddity overstated its AI technology and capabilities, as well as the extent to which this technology drove the Company's sales; (ii) Oddity's repeat purchase rates and revenues were, at least in part, derived from unsustainable and deceptive sales and advertising practices; and (iii) Oddity downplayed the true scope and severity of ongoing civil litigation against the Company and/or its subsidiaries.
Learn More About the Lawsuit
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223376
