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 - EconoTimes)
NEW YORK, March 02, 2018 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ulta Beauty, Inc. (“Ulta Beauty” or the “Company”) (NASDAQ:ULTA) in the United States District Court for the Northern District of Illinois on behalf of a class consisting of investors who purchased or otherwise acquired Ulta Beauty securities on the open market from March 30, 2016 through February 23, 2018 inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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 (2) that as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On February 9, 2018, media outlets reported that a consumer class action lawsuit had been filed against the Company, 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 [Company] employees from retail locations all over the country confirmed that substantially similar practices also occurred at the Ulta stores where they worked.” On this news, the Company’s share price fell $9.07, or 4.15%, to close at $209.48 on February 12, 2018, the following trading day.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the May 1, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
