LOS ANGELES, July 03, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Fred's Inc. (“Fred’s” or “the Company”) (NASDAQ: FRED) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between December 20, 2016 and June 28, 2017, inclusive (the ''Class Period''), are encouraged to contact the firm before August 27, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Fred’s entered into an agreement with Walgreens and Rite Aid Corp. to purchase 865 Rite Aid stores as a part of a merger plan between Walgreens and Rite Aid. The Company downplayed regulatory risk and disputed reports in the media that the merger was facing trouble. Fred’s also represented that it had inside information from the FTC that the Walgreens deal would close. Walgreens and Rite Aid announced on June 29, 2017, that they had terminated their merger plans, including the store sale to Fred’s. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Fred’s, investors suffered damages.
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