Shares of ODDITY Tech Ltd (“ODDITY Tech”) plummeted over 12% in intraday trading on Tuesday, May 21, 2024, following a report published by NINGI Research alleging that the company has “misled investors about every critical aspect of its business,” including its profitability and the integrity of its sales tactics. Gibbs Law Group is investigating a potential ODDITY Tech Ltd Securities Class Action Lawsuit on behalf of shareholders who lost money in ODDITY Tech Ltd (NASDAQ: ODD).
What Should ODDITY Tech Investors Do?
If you invested in ODDITY Tech, visit our website by clicking here, or call us toll-free at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether ODDITY Tech has violated federal securities laws by providing false or misleading statements to investors.
What is the ODDITY Tech Securities Lawsuit Investigation About?
On May 21, 2024, NINGI Research published a report claiming that consumer technology company ODDITY Tech Ltd has misled investors by misrepresenting itself as an online-only company, using deceptive sales tactics, and failing to state that large parts of the company’s operations in Israel “remain undisclosed and unaudited,” among other things.
Despite purportedly marketing itself as an online-only company, NINGI Research claims that it has “found extensive evidence that ODDITY owns and operates 43 stores and six beauty schools which have never been disclosed to investors in SEC filings,” and that “ODDITY’s insiders and backers have egregiously sold over $400 million of stock to investors at IPO who were under the impression that it is a totally digital business.”
According to the report, ODDITY Tech also “quietly restated its revenue contribution for 2022 and 2021 by $26.2 million, its 2020 revenue by $5.4 million, and identified a material weakness in its internal controls over financial reporting,” and then used a loophole to delay its next assessment of its internal controls until 2025.
Following this news, shares of ODDITY Ltd dropped over 12% in intraday trading on Tuesday, May 21, 2024, causing significant harm to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240521590391/en/
Contacts
EILEEN EPSTEIN
PHONE: 510.350.9728
EMAIL: EJE@CLASSLAWGROUP.COM
