INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District for the Western District of Tennessee.

LEAD PLAINTIFF DEADLINE IS AUGUST 26, 2019

NEW YORK, July 03, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Western District of Tennessee 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”).

Investors, who purchased the shares of Fred’s Inc., are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the shares of Fred’s you may, no later than August 26, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Fred’s.

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The filed complaint 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 failed to disclose and/or materially misled investors regarding:

• The level of regulatory risk faced in the original and revised mergers between Walgreens Boots Alliance, Inc., (“Walgreens”) and Rite Aid Corp., (“Rite Aid”) which would directly and adversely affect the Asset Purchase Agreement whereby Rite Aid agreed to sell 865 Rite Aid stores to Fred’s for $950 million in an all-cash transaction;
• The accuracy of reports signaling regulatory turbulence in closing the original and revised mergers; and
• Inside knowledge with respect to the FTC providing confidence that the deal would close.

On June 29, 2017, Rite Aid and Walgreens announced that they had terminated the merger and thereby the Fred’s Asset Purchase Agreement.  On this news, Fred’s stock price dropped $2.78 per share or over 22% to close at $9.41 per share.  The Company’s stock price continued to fall over the following months, closing at $6.60 per share on September 27, 2017. 

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at  www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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