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Ulta Beauty Inc (NASDAQ: ULTA) Investor Securities Class Action Lawsuit 03/02/2018

  • If you purchased shares of Ulta Beauty Inc (NASDAQ: ULTA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Ulta Beauty Inc
Security
NASDAQ: ULTA

Case Name
Ulta Beauty Shareholder Class Action Lawsuit 03/02/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

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Summary

September 10, 2018 - An amended complaint was filed.

March 2, 2018 - An investor in shares of Ulta Beauty Inc (NASDAQ: ULTA) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Ulta Beauty Inc in connection with certain allegedly false and misleading statements made between March 30, 2016 and February 23, 2018.

Bolingbrook, IL based Ulta Beauty Inc is a holding company for the Ulta Beauty group of companies. Ulta Beauty Inc is a beauty retailer that offers cosmetics, fragrance, skin, hair care products and salon services.

Ulta Beauty Inc reported that its Total Revenue rose from over $3.92 billion for the 52 weeks period that ended on January 30, 2016 to over $4.85 billion for the 52 weeks period that ended on January 28, 2017 and that its Net Income over those time periods increased from $320.01 million to $409.76 million.

On Friday, February 9, 2018, after the market closed, it was reported that a consumer class action lawsuit had been filed against Ulta Beauty Inc. The suit alleges that Ulta Beauty Inc has surreptitiously been restocking used cosmetics, including makeup and selling them alongside unblemished products at full price.

On February 23, 2018, an article was published on the restocking practice on its website. A former employee stated Ulta Beauty Inc had been deceiving consumers for years by repackaging, restocking and reselling used beauty products including cosmetics at full price. The ex-employee alleged that higher-level managers pressured stores to keep the dollar amount of damaged or returned goods down.

According to the complaint the plaintiff alleges on behalf of purchasers of Ulta Beauty Inc (NASDAQ: ULTA) common shares between March 30, 2016 and February 23, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 30, 2016 and February 23, 2018, the defendants made false and/or misleading statements and/or failed to disclose that 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 that as a result of the foregoing, Ulta Beauty Inc’s public statements were materially false and misleading at all relevant times.

Shares of Ulta Beauty Inc (NASDAQ: ULTA) declined on March 2, 2018 to as low as $191.70 per share.