LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Olaplex Holdings, Inc. (“Olaplex” or the “Company”) (NASDAQ: OLPX) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On or around September 29, 2021, Olaplex commenced its initial public offering (“IPO”), selling 73.7 million shares priced at $21.00 per share.
On September 29, 2022, Piper Sandler downgraded the stock to Neutral based on work showing that “competition and misinformation pose growing risks to the company.”
On this news, Olaplex’s stock price fell $1.33, or 12.2%, to close at $9.62 per share on September 29, 2022, thereby injuring investors.
Then, on October 18, 2022, Olaplex reduced its financial outlook for fiscal 2022, expecting net sales between $704 million and $711 million. The Company attributed the revised guidance to “a slowdown in sales momentum that it attributes to macro-economic pressures, increased competitive activity including discounting, and a moderation in new customer acquisition.” Additionally, Olaplex announced that its Chief Operating Officer was stepping down from her post.
On this news, Olaplex’s stock fell $5.55, or 56.7%, to close at $4.24 per share on October 19, 2022, significantly below the IPO price.
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If you purchased Olaplex securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
