Oddity Tech .(US:ODD) Prnewswireยท2024-07-24 17:44Core Viewpoint - A class action lawsuit has been filed against Oddity Tech Ltd. and certain officers for alleged violations of federal securities laws during the Class Period from July 19, 2023, to May 20, 2024, seeking damages for affected investors [1][6]. Group 1: Company Overview - Oddity Tech Ltd. is described as a consumer tech platform aimed at transforming the global beauty and wellness market through an AI-driven online platform [3]. - The company conducted its initial public offering (IPO) on July 19, 2023, issuing over 12 million Class A ordinary shares at an offering price of $35.00 per share, raising approximately $57.26 million for the company and $337.83 million for certain selling shareholders [4]. Group 2: Allegations and Misconduct - The lawsuit alleges that Oddity made materially false and misleading statements regarding its business operations, including overstating its AI technology capabilities and the sustainability of its sales practices [6]. - A report by NINGI Research claimed that Oddity misled investors about critical aspects of its business, including the nature of its AI technology and the legitimacy of its repeat purchase rates, which were allegedly tied to deceptive sales practices [7]. Group 3: Market Reaction - Following the release of the NINGI Report, Oddity's Class A ordinary share price fell by $3.02, or 7.37%, closing at $37.97 on May 21, 2024, and continued to decline by an additional $1.30, or 3.42%, over the next two trading sessions [8].