According to the Complaint, Olaplex Holdings, Inc. manufactures and sells hair care products. Olaplex purports to participate in the “prestige segment” of the haircare market, which the Company claims is “expected to be the fastest growing segment of the global haircare market from 2020 to 2025.” The claims in this action arise from Olaplex’s alleged materially misleading Offering Documents issued in connection with its September 30, 2021 Initial Public Offering.

The Complaint alleges that, throughout the Class Period, the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the Complaint alleges the Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) macro-economic pressures and competition in the haircare market were more robust than the Company had represented to investors; (ii) accordingly, the Company was unlikely to maintain its sales and revenue momentum; and (iii) as a result, it was unlikely that the Company would be able to achieve the financial and operational growth projected in the Offering Documents; and (iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.

On February 27, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 28, 2023.