New York, New York--(Newsfile Corp. - September 20, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) ("Ollie's" or the "Company") of the November 18, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ollie's stock or options between June 6, 2019 and August 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/OLLI. There is no cost or obligation to you.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Ollie's securities between June 6, 2019 and August 28, 2019 (the "Class Period"). The case, Stirling v. Ollie's Bargain Outlet Holdings, Inc., No. 19-cv-08647 was filed on September 17, 2019, and has been assigned to Judge J. Paul Oetken.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to build and maintain an effective supply chain system, impacting the availability of inventory for new stores.
On August 28, 2019, Ollie's reported that comparable store sales decreased 1.7% during second quarter 2019. In addition, Ollie's 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's share price fell from $77.77 per share on August 28, 2019 to a closing price of $56.36 on August 29, 019: a $21.41 or a 27.53% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ollie's's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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