RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Ulta Beauty, Inc. (“Ulta” or the “Company”) (Nasdaq: ULTA) publicly traded securities between March 30, 2016, and February 23, 2018, inclusive (the “Class Period”).
Ulta shareholders may, no later than May 1, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Ulta and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Ulta operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin and hair care products, and salon service throughout the United States.
The class action complaint alleges that Ulta and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors 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) that as a result of the foregoing, Ulta’s public statements were materially false and misleading at all relevant times.
On February 9, 2018, various media outlets reported that a consumer class action lawsuit had been filed against Ulta 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. According to the lawsuit, “dozens of other current and former Ulta employees from retail locations all over the country confirmed that substantially similar practices also occurred at the Ulta stores where they worked.”
Following this news, shares of Ulta’s stock fell $9.07, or over 4.1%, to close on February 12, 2018 at $209.48.
Then, on February 23, 2018, CBS News ran a story entitled “Former Ulta Beauty employee says she felt pressured to resell used products.” That report discussed the consumer class action lawsuit in detail, and reported additional statements made by former Ulta employees supporting the allegations made in the consumer class action lawsuit.
Following this additional news, shares of Ulta’s stock fell an additional $8.18 per share, or nearly 4%, to close on February 26, 2018 at $198.93.
If you are a member of the class, you may, no later than May 1, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.