Case Summary
Oddity
NASDAQ: ODD
Case Details
- Hoare v. Oddity Tech Ltd. et al.
- Class Period:July 19, 2023 - May 20, 2024
- Date Filed:July 19, 2024
- Jurisdiction:U.S. District Court, Eastern District of New York
- Docket Number: 1:24-cv-05037
- Lead Plaintiff Deadline: September 17, 2024
Seek Plaintiff 0
Overview
A class action lawsuit has been filed against Oddity Tech Ltd. (“Oddity” or the “Company”) (NASDAQ: ODD) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws. The Oddity class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Oddity securities between July 19, 2023, and May 20, 2024, both dates inclusive (the “Class Period”). Investors have until September 17, 2024, to seek appointment as lead plaintiff of the Oddity class action lawsuit.
Oddity describes itself as “a consumer tech platform that is built to transform the global beauty and wellness market.” The Company purports to serve customers worldwide through its artificial intelligence- (“AI”) driven online platform, using data science, machine learning, and computer vision capabilities to identify consumer needs, as well as develop solutions in the form of beauty and wellness products.
The Oddity class action lawsuit alleges that on or around July 19, 2023, Oddity conducted its initial public offering (“IPO”), issuing over 12 million of its Class A ordinary shares to the public at the offering price of $35.00 per share for approximate proceeds, after applicable underwriting discounts and commissions, and before expenses, of $57.26 million to the Company and $337.83 million to certain selling shareholders, including, inter alia, the Company’s Chief Executive Officer and Chief Financial Officer.
Leading up to and following Oddity’s IPO, Defendants widely portrayed the Company as a disruptor in the cosmetics industry. In particular, Defendants differentiated Oddity from traditional brick-and-mortar retailers by asserting that the Company used, inter alia, proprietary AI technologies to target consumer needs. With investors and analysts increasingly attentive to the potential benefits and competitive advantages of AI-powered technologies, Oddity’s purportedly differentiated approach to the cosmetics industry garnered praise and attention.
As alleged in the Oddity class action lawsuit, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Oddity overstated its AI technology and capabilities and/or the extent to which this technology drove the Company’s sales; (2) Oddity’s repeat purchase rates and revenues were, at least in part, derived from unsustainable and deceptive sales and advertising practices; (3) Oddity downplayed the true scope and severity of ongoing civil litigation against the Company and/or its subsidiaries; and (4) as a result, Oddity’s public statements were materially false and misleading at all relevant times.
* * *
If you purchased or otherwise acquired Oddity securities between July 19, 2023, and May 20, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected].
The deadline to apply to the Court to serve as a lead plaintiff in the Oddity lawsuit is September 17, 2024.