OLPX.US
id: 412
Olaplex ($OLPX) Investor Settlement
The parties have reached an agreement to settle the case, but the terms are still being finalized.
C.D. California
Court2:22-cv-08395
Case number09/30/2021
Class period Start10/17/2023
Class period EndOlaplex has reached a settlement with $OLPX investors over claims that it failed to disclose risks tied to a now-banned ingredient in its top product.
Case Details:
On October 18, 2022, after the market close, Olaplex (OLPX) announced a disappointing guidance cut and the sudden departure of the COO, Tiffany Walden.
On this news, OLPX stocks dropped over 56% and lost about $3.6 billion of its capitalization.
No factors or earlier statements by the Company foreshadowed such a turn of events. “We find COO Tiffany Walden’s sudden resignation…concerning,” writes JPMorgan analyst Andrea Teixeira.
Overall, Investors in Olaplex shares have grounds to suspect that the Company and its Leaders misinformed them about business prospects and developments.
Case Type
US Securities Class Action
Case Status
Tentative Settlement
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
11/17/2022
Plaintiffs
Arkansas Teacher Retirement System
Attorneys
Glancy Prongay & Murray LLP
Defendants
Jue Wong; Eric Tiziani, Tiffany Walden; Christine Dagousset
Trades matching type
FIFO
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