Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Fred’s, Inc. Investors
LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Fred’s, Inc. (“Fred’s” or the “Company”) (NASDAQ: FRED) securities between December 20, 2016 and June 28, 2017, inclusive (the “Class Period”). Fred’s investors have until August 27, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
In December 2016, Fred’s agreed to purchase 865 stores from Rite Aid Corp. for $950 million to help obtain approval by the Federal Trade Commission (“FTC”) of Rite Aid’s merger with Walgreens Boots Alliance, Inc. (“Walgreens”).
Then, on June 29, 2017, Rite Aid and Walgreens terminated their merger agreement along with Fred’s asset purchase agreement.
On this news, the Company’s share price fell $2.78, or more than 22%, to close at $9.41 on June 29, 2017, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made statements: (1) downplaying or disputing contrary reports from journalists signaling regulatory turbulence in closing the merger; and (2) representing that inside knowledge of the FTC gave confidence that the deal would close.
If you purchased shares of Fred’s during the Class Period you may move the Court no later than August 27, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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