NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ulta Beauty, Inc. (“Ulta Beauty” or the “Company”) (NASDAQ:ULTA) of the May 1, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ulta Beauty stock or options between March 30, 2016 and February 23, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ULTA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Ulta Beauty securities between March 30, 2016 and February 23, 2018 (the “Class Period”). The case, Chandler v. Ulta Beauty, Inc. et al, No. 1:18-cv-01577 was filed on March 2, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company was engaged in the widespread practice of repackaging returned cosmetics and re-shelving them alongside unblemished products to sell at full retail price; and (ii) as a result, the Company’s public statements were materially false and misleading.
Specifically, on February 9, 2018, media outlets reported that a consumer class action lawsuit had been filed against Ulta Beauty, alleging that the Company engaged in the “widespread and surreptitious” practice of repacking returned cosmetics and re-shelving them alongside unblemished products to sell at full price. On this news, Ulta Beauty’s share price fell from $218.55 per share on February 9, 2018 to a closing price of $209.48 on February 12, 2018—a $9.07 or a 4.15% drop.
Then, on February 23, 2018, CBS News published a story reporting on statements initially made on Twitter by at least one former Ulta Beauty employee, to the effect that Ulta Beauty store managers frequently pressured the its employees to clean and resell used products. On this news, Ulta Beauty’s share price fell from $207.11 per share on February 23, 2018 to a closing price of $198.93 on February 26, 2018—a $8.18 or a 3.95% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ulta Beauty’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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