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ATTENTION Investors in NASDAQ: FRED shares - Lawsuit filed against Fred’s, Inc.

07-24-2019 06:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Fred’s, Inc. (NASDAQ: FRED) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Fred’s, Inc. (NASDAQ: FRED) shares over alleged securities laws violations.

An investor, who purchased shares of Fred’s, Inc. (NASDAQ: FRED), filed a lawsuit over alleged violations of Federal Securities Laws by Fred’s, Inc..

Investors who purchased shares of Fred’s, Inc. (NASDAQ: FRED) have certain options and for certain investors are short and strict deadlines running. Deadline: August 27, 2019. NASDAQ: FRED investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Memphis, TN based Fred's, Inc., together with its subsidiaries, sells general merchandise through its retail discount stores and full service pharmacies.

Fred’s, Inc. reported that its Total Revenue rose from over $1.97 billion for the 52 weeks period that ended on January 31, 2015 to over $2.15 billion for the 52 weeks period that ended on January 30, 2016 and that its Net Loss for those respective time periods decreased from $28.90 million to $7.37 million.

On October 27, 2015, Rite Aid Corp and Walgreens jointly announced an agreement and plan of merger pursuant to which Walgreens would acquire Rite Aid for $9.00 per share in cash. To convince the investing public that it would receive FTC approval to complete the merger, Walgreens and Rite Aid had entered into an agreement with Fred's to sell 865 Rite Aid Corp stores for $950 million in an all-cash transaction in order to complete the Original Merger (the "Fred's Asset Purchase Agreement").
On January 30, 2017, Rite Aid Corp and Walgreens announced that they had entered into a new merger agreement (the "Revised Merger").

On June 29, 2017, Rite Aid Corp and Walgreens Boots Alliance, Inc announced that they had terminated the Revised Merger.

Following the termination of the Revised Merger, Walgreens Boots Alliance, Inc terminated the Fred's Asset Purchase Agreement.

Shares of Fred’s, Inc. (NASDAQ: FRED) declined from $21.77 per share in late 2016 to as low as $0.33 per share on June 19, 2019.

The plaintiff claims that between December 20, 2016 and June 28, 2017, the Defendants made false and/or misleading statements downplaying or disputing contrary reports from journalists signaling regulatory turbulence in closing the Original Merger, as well as, the Revised Merger, and representing that inside knowledge of the FTC gave confidence that the deal would close.

Those who purchased shares of Fred’s, Inc. (NASDAQ: FRED) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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