NEW ORLEANS, July 26, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 17, 2024 to file lead plaintiff applications in a securities class action lawsuit against ODDITY Tech Ltd. (“Oddity” or the “Company”) (NasdaqGM: ODD), if they purchased the Company’s securities between July 19, 2023 and May 20, 2024, inclusive (the “Class Period”).This action is pending in the United States District Court for the Eastern District of New York.
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Oddity investors should visit us at https://claimsfiler.com/cases/nasdaq-odd/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Oddity and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 21, 2024, NINGI Research (“Ningi”) reported a slew of allegations against the Company, including that it “completely misled investors about every critical aspect of its business”; that Ningi “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” that allow the Company “to recognize repeat purchases in the following quarters even though the customers don’t want the product”; 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,” including multiple class action lawsuits filed within the past several years.
On this news, the price of Oddity’s shares fell $3.02 per share, or 7.37%, to close at $37.97 per share on May 21, 2024.
The case is Hoare v. Oddity Tech Ltd., et al., 24-cv-05037.
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