This is a securities fraud class action lawsuit alleging that Ultra Salon Cosmetics Fragrances, Inc. and certain of its officers and directors.
Ultra Salon operates retail stores that sell cosmetics and related items. Ultra Salon went public on October 25, 2007 ("IPO"), just nine days prior to the close of its fiscal third quarter on November 3, 2007 ("Third Quarter").
The class action complaint alleges that Ultra Salon issued materially false and misleading statements in connection with the IPO concerning Ultra Salon's financial condition and the levels of its selling, general and administrative expenses inventories. On December 11, 2007, ULTA issued a press release disclosing the results of its Third Quarter, admitting that its inventories and SG&A expenses had risen dramatically in the Third Quarter. As a result of this startling disclosure, the price of Ultra Salon common stock, which had been inflated by Ultra Salon's misrepresentations, declined in value.
Name (Stock Symbol)
Ulta Salon, Cosmetics & Fragrances, Inc. (ULTA)
Ulta Salon, Cosmetics & Fragrance, Inc. operates over 30 stores in 36 states that sell beauty supplies and also offer hair cuts.
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