Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fred's, Inc.

Business Wire 18-Jul-2019 6:18 PM

Law Offices of Howard G. Smith reminds investors of the upcoming August 27, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Fred's, Inc. ("Fred's" or the "Company") (NASDAQ: FRED) securities between December 20, 2016 and June 28, 2017, inclusive (the "Class Period").

Investors suffering losses on their Fred's investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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 if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

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