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ODD.US
id: 1293

ODDITY Tech (ODD) Sales Issues Case

The defendant has requested the court to dismiss the case.
S.D. New York
Court
1:24-cv-06571
Case number
07/19/2023
Class period Start
05/20/2024
Class period End
09/19/2024
Lead Plaintiff motion deadline

  • $ODD stockholder filed a claim against ODDITY for overstating its AI capabilities, using deceptive sales practices, and downplaying legal issues.

  • After NINGI Research published a report on May 21, 2024, $ODD dropped by 7%.

  • ODDITY investors can join this case to be notified about potential recovery.

Case Details:

On May 21, 2024, NINGI Research claimed Oddity misled investors about its AI, describing it as just a questionnaire, and said the company's high repeat purchase rates were due to customers being locked into non-cancelable plans.

The report also claimed to have uncovered hundreds of undisclosed lawsuits against ODDITY and its subsidiaries for unpaid bills and consumer protection violations, including several recent class action suits.

On this news, $ODD fell by 7.4% on the same day.

Based on these events, a $ODD stockholder filed a claim against ODDITY and its leaders, accusing them of the following:

  • Oddity exaggerated its AI technology and its impact on sales.

  • The company's repeat purchase rates and revenues were partly due to misleading sales and advertising practices.

  • Oddity minimized the extent of ongoing legal issues against itself and its subsidiaries.

Considering all the representations, investors suspect ODDITY overstated its AI, used deceptive sales practices, and downplayed legal issues.

Case Status
Motion to dismiss
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/21/2024
Filing date
07/19/2024
Lead Plaintiff Deadline
09/19/2024