RADNOR, Pa., March 10, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Ulta Beauty, Inc. (Nasdaq: ULTA) ("Ulta" or the "Company") on behalf of purchasers of the Company's securities between March 30, 2016 and February 23, 2018, inclusive (the "Class Period").
Investors who purchased Ulta securities during the Class Period may, no later than May 1, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/ulta-beauty-inc#join.
Ulta investors who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at [email protected].
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 shareholder 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.
Ulta investors may, no later than May 1, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP