According to the Complaint, The Estee Lauder Companies, Inc. manufactures, markets, and sells skin care, makeup, fragrance, and hair care products worldwide. It offers its products under the Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown Cosmetics, La Mer, Aveda, Jo Malone London, TOM FORD, Too Faced, Dr.Jart+, and The Ordinary brands. The Company sells its products through department stores, specialty multi retailers, upscale perfumeries and pharmacies, and salons and spas; freestanding stores; its own and authorized retailer websites; third-party online malls; stores in airports; and duty-free locations.

The Complaint alleges that during the Class Period, Defendants misled investors with unrealistic and materially false statements about market demand Estee's products and its inventory levels and that these statements concealed the truth about Estee's weakness in the market until, on May 3, 2023, Estee announced weaker sales and profit for the year than estimated and accordingly cut its fiscal year outlook for a third consecutive time. The price of Estee stock declined from $245.22 per share on May 2, 2023 to $202.70 per share on May 3, 2023.

On February 20, 2024, the Court issued an Order consolidating cases and another Order appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 23-CV-10669.

Lead Plaintiff filed a consolidated amended Complaint on March 22, 2024. Defendants filed a Motion to Dismiss the consolidated amended Complaint on May 3.

On March 31, 2025, the Court issued an Order denying Defendants' Motion to Dismiss.