The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Fred's, Inc. (NASDAQGS: FRED) who purchased shares between December 20, 2016 and June 28, 2017. The action, which was filed in the United States District Court for the Western District of Tennessee, alleges that the Company violated federal securities laws.
In particular, the Fred's lawsuit alleges that Defendants made numerous materially false and misleading statements concerning the level of regulatory risk faced by the Original Merger and the Revised Merger which would ultimately cause the termination of the Fred’s Asset Purchase Agreement. Specifically, Defendants made false and/or misleading statements: (i) downplaying or disputing contrary reports from journalists signaling regulatory turbulence in closing the merger; (ii) representing that inside knowledge of the FTC gave confidence that the deal would close.
Shareholders have until August 27, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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