A group of 30 women has filed a lawsuit against Olaplex, claiming that the company's hair products caused hair loss, breakage, and other problems.
The lawsuit alleges that the company used ingredients that are known to cause allergic reactions, such as lilial and panthenol (the former being banned in Europe).
Olaplex has denied the charges and stated that it is "prepared to vigorously defend" itself.
"We want to reassure our community of Professional stylists, customers and fans that they can continue to use our products with confidence," the company said in an Instagram post. "To demonstrate this, we have publicly released test results from independent third-party laboratories, going above and beyond industry standards."
CEO JuE Wong also denied the accusations in a video posted on Twitter. Hair loss is a "painful and emotional topic. However, for our products, this is not true".
Olaplex launched back in 2014 and has since garnered endorsements from celebrities such as Kim Kardashian and Drew Barrymore. The company has long touted its products ability to restore broken or damaged hair.
According to a Bloomberg report, the Food and Drug Administration has received 25 complaints about Olaplex products over the years.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
