Lawsuit filed for Investors who lost money with shares of Oddity Tech Ltd. (NASDAQ: ODD)

An investor, who purchased shares of Oddity Tech Ltd. (NASDAQ: ODD), filed a lawsuit over alleged violations of Federal Securities Laws by Oddity Tech Ltd. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Oddity Tech Ltd. (NASDAQ: ODD) have certain options and for certain investors are short and strict deadlines running. Deadline: September 17, 2024. NASDAQ: ODD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Israel based Oddity Tech Ltd. 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.

On or around July 19, 2023, Oddity Tech Ltd. 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.

Oddity Tech Ltd. Reported that its annual Total Revenue rose from $324.52 million in 2022 to $508.68 million in 2023, and that its Net Income rose from $21.72 million in 2022 to $58.53 million in 2023.

On May 21, 2024, NINGI Research issued a report claiming Oddity Tech Ltd. "at best, misrepresented itself as an 'online-only' company. In reality, and contrary to this claim, we found extensive evidence that ODDITY owns and operates 43 stores, and six beauty schools which have never been disclosed to investors in SEC filings. "
Further stating "we called all 43 stores and even visited a number of locations in Israel where we discovered that these retail stores are not franchisees but owned by ODDITY. Meanwhile, ODDITY's beauty schools have thousands of enrolled students for year-round studies. In our opinion, the brick-and-mortar operations are likely a material contributor to ODDITY's DTC earnings." The report also claims Oddity Tech Ltd. engages in deceptive billing practices.

Shares of Oddity Tech Ltd. (NASDAQ: ODD) declined to as low as $33.52 per share on May 21, 2024.

The plaintiff claims that between July 19, 2023 to May 20, 2024, the Defendants made materially false and/or misleading statements regarding the Company's business, operations, and compliance policies, and/or failed to disclose that Oddity Tech overstated its AI technology and capabilities, and/or the extent to which this technology drove the Company's sales, that Oddity Tech's repeat purchase rates and revenues were, at least in part, derived from unsustainable and deceptive sales and advertising practices, and that Oddity Tech downplayed the true scope and severity of ongoing civil litigation against the Company and/or its subsidiaries.

Those who purchased shares of Oddity Tech Ltd. (NASDAQ: ODD) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.