Olaplex manufactures and sells hair care products. The company offers hair care shampoos and conditioners for use in treatment, maintenance, and protection of hair. Olaplex participates in the “prestige segment” of the haircare market, which it claims is “expected to be the fastest growing segment of the global haircare market from 2020 to 2025.”

On August 27, 2021, Olaplex filed a registration statement on a Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 29, 2021 (the “Registration Statement”). On October 1, 2021, Olaplex filed a prospectus on a Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively, the “Offering Documents”). Pursuant to the IPO, Olaplex issued 73,700,000 shares of its common stock to the public at the Offering price of $21.00 per share for approximate proceeds of $1,466,445,750 to Olaplex, after applicable underwriting discounts and commissions.

At the time the complaint was filed the price of Olaplex common stock was trading below $6.00 per share, well below the Offering price of $21.00 per share.