Odimo Hit With Class Action

Odimo, the online retailer that owns Diamond.com, Ashford.com, and WorldOfWatches.com, has received notice that a securities class-action complaint has been filed against it and two of its officers on behalf of a purported class of purchases of Odimo common stock.

The suit alleges false and misleading statements in Odimo’s public disclosures in connection with its initial public offering. Alan Lipton, Odimo’s president and chief executive officer, said the lawsuit is “without merit.”

Odimo went public earlier this year and raised $28.5 million.