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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fred’s, Inc.

1045 Days ago

LOS ANGELES, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 27, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Fred’s, Inc. (“Fred’s” or the “Company”) (NASDAQ: FRED) investors who purchased securities between December 20, 2016 and June 28, 2017, inclusive (the “Class Period”).

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 shareholders@glancylaw.com, 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Fred’s securities during the Class Period you may move the Court no later than August 27, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.com, 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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224

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