Poulin I Willey I Anastopoulo Announces A Class Action Lawsuit Has Been Filed Against Oddity Tech Ltd. (Odd)

Core Viewpoint - A class action lawsuit has been filed against Oddity Tech LTD for allegedly making materially false and misleading statements regarding its business operations and AI technology capabilities during the class period from July 19, 2023, to May 20, 2024 [1][2]. Group 1: Allegations and Impact - The complaint alleges that Oddity overstated its AI technology and capabilities, misrepresented the sustainability of its sales practices, and downplayed ongoing civil litigation against the company [2]. - Following the allegations, Oddity's Class A shares fell by $3.02, or over 7%, closing at $37.97 on May 21, 2024, and continued to decline by an additional $1.30, or 3.42%, to close at $36.67 on May 23, 2024 [3]. Group 2: Company Description and Research Findings - Oddity describes itself as a consumer tech platform aimed at transforming the global beauty and wellness market through an AI-driven online platform [5]. - A report by NINGI Research claimed that Oddity misled investors about critical aspects of its business, stating that its AI was merely a questionnaire and that its repeat purchase rates were driven by non-cancelable plans [6].