Pomerantz Law Business Announces the Submitting of a Class Action in opposition to GoodRx Holdings, Inc. and Specified Officers – GDRX
NEW YORK, Jan. 26, 2021 /PRNewswire/ — Pomerantz LLP announces that a course motion lawsuit has been submitted in opposition to GoodRx Holdings, Inc. (“GoodRx” or the “Company”) (NASDAQ: GDRX) and particular of its officers. The class motion, filed in United States District Courtroom for the Central District of California, and docketed less than 21-cv-00175, is on behalf of a course consisting of all persons and entities other than Defendants that purchased or in any other case, obtained GoodRx securities among September 23, 2020 and November 16, 2020, inclusive (the “Course Time period”), seeking to get better damages induced by Defendants’ violations of the federal securities legal guidelines and to go after solutions below Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Enterprise and sure of its top rated officials.
If you are a shareholder who bought GoodRx securities throughout the Course Time period, you have right up until February 16, 2021 to inquire the Court docket to appoint you as Lead Plaintiff for the class. A duplicate of the Complaint can be obtained at www.pomerantzlaw.com. To go over this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free of charge, Ext. 7980. These who inquire by e-mail are encouraged to contain their mailing deal with, telephone variety, and the number of shares bought.
[Click here for information about joining the class action]
GoodRx purports to present people with no cost info and resources that allow for them to assess costs and help save on their prescription drug buys. The Business purports to present its buyers with these solutions via apps and internet sites that show selling prices and bargains at nearby and mail-buy pharmacies for both equally insured and uninsured People.
At the time of the Company’s September 2020 original community supplying (“IPO”), unbeknownst to investors, Amazon.com, Inc. (“Amazon”) was acquiring and would soon introduce its very own online and cellular prescription medication buying and success services that would right contend with GoodRx. Defendants timed the IPO so that it was priced in advance of Amazon declared its on line pharmaceutical company to facilitate the IPO and develop artificial demand from customers for the prevalent shares offered therein, as perfectly to optimize the amount of money of dollars the Firm and the promoting stockholders could raise in the IPO. 
The Criticism alleges that throughout the Class Period of time, Defendants produced materially phony and misleading statements, and failed to disclose product adverse points about the Firm’s enterprise, operational, and compliance guidelines. Specifically, Defendants made untrue and/or misleading statements and failed to disclose to traders that: (i) Defendants ended up knowledgeable that Amazon had been in the approach of establishing and would soon introduce its personal on the internet and cellular prescription medication ordering and success provider, and timed the IPO so that it was priced just before Amazon introduced its online pharmaceutical enterprise (ii) appropriately, Defendants timed the IPO to generate artificial demand for the popular shares marketed therein (iii) as a final result, the Company’s general public statements have been materially false and deceptive at all suitable instances.
On November 17, 2020, just months right after GoodRx finished its IPO, Amazon announced two new pharmacy offerings, a Primary Rx program and a lower price card system, which, amid other matters, would compete instantly with GoodRx’s system by producing it “very simple for prospects to review prices and obtain remedies for residence delivery, all in one particular spot.”
That similar day, CNBC.com noted that Amazon Prime members would now have access to discount rates of up to 80% on generic drugs and up to 40% on model-identify prescriptions by means of its marriage with the Inside of Rx personal savings system. This competitive pricing posed a intense danger to GoodRx’s small business design.
On this news, the selling price of GoodRx common stock fell $10.51 per share, or 23%, to close at $36.21 for each share on November 17, erasing more than $4 billion of the Company’s sector capitalization on incredibly heavy buying and selling volume of in excess of 23 million shares traded.
The Pomerantz Firm, with workplaces in New York, Chicago, Los Angeles, and Paris is acknowledged as 1 of the leading companies in the spots of company, securities, and antitrust course litigation. Started by the late Abraham L. Pomerantz, recognised as the dean of the class action bar, the Pomerantz Organization pioneered the area of securities course actions. Now, far more than 80 several years later on, the Pomerantz Business proceeds in the tradition he recognized, battling for the legal rights of the victims of securities fraud, breaches of fiduciary obligation, and company misconduct. The Company has recovered quite a few multimillion-dollar damages awards on behalf of course customers. See www.pomerantzlaw.com
Get hold of:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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