Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Ulta Beauty, Inc. (NasdaqGS: ULTA).
On February 9, 2018, media reports revealed a consumer class action lawsuit filed against Ulta based on a wide-ranging scheme involving employees reselling returned, used products as new. Then, on February 23, 2018, further media reports recounted statements from a former Ulta employee of being pressured by store managers to resell used products. Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which is ongoing.
Recently, an Ulta shareholder filed a shareholder derivative lawsuit on behalf of the Company against its current and former directors and executives for breaches of fiduciary duty and unjust enrichment stemming from its widespread use of deceptive sales practices, failure to disclose that information to shareholders, and selling off shares of personal Ulta stock for proceeds of more than $97 million before the adverse information became public knowledge.
KSF’s investigation is focusing on whether Ulta’s officers and/or directors breached their fiduciary duties to Ulta’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Ulta shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.