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SAN FRANCISCO, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Ollie’s Bargain Outlet (NASDAQ: OLLI) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The November 18, 2019 lead plaintiff deadline in a securities fraud class action pending against the company is approaching.
Ollie’s Bargain Outlet (OLLI) Securities Class Action:
According to the Complaint, Defendants concealed Ollie’s: (1) supply chain problems that adversely affected initial inventory at new stores; (2) inability to meet customer demand; and (3) the likely comparable store sales decrease quarter-over-quarter. On August 28, 2019, the market learned the truth when Defendants announced disappointing 2Q 2019 financial results, including declining comparable store sales. Senior management blamed the poor performance on supply chain issues preventing delivery of sufficient inventory from distribution centers into Ollie’s stores. In response, the price of OLLI shares crashed over 27% the next day.
If you invested in Ollie’s Bargain Outlet Holdings between June 6, 2019 and Aug. 28, 2019 and suffered significant losses (in excess of $50,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately to obtain additional information about this case or being a lead plaintiff.
“We are focused on investors’ losses, when senior executives knew of supply chain problems, and the extent to which they may have misled investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ollie’s should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email OLLI@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000