NEW YORK, July 16, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Fred’s, Inc., Acer Therapeutics, Inc., Diebold Nixdorf, Inc, and Intelligent Systems Corporation. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Fred’s, Inc. (NASDAQ: FRED)
Lead Plaintiff Deadline: August 26, 2019
Class Period: December 20, 2016 to June 28, 2017
The complaint alleges that Walgreens Boots Alliance, Inc. (“Walgreens”), the Company and certain of their respective officers issued false and misleading statements and/or failed to disclose, among other things, the level of regulatory risk faced by the original and revised mergers pursuant to which Walgreens would acquire Rite Aid Corp. (“Rite Aid”) (the “Original Merger”). Walgreens and Rite Aid had entered into an agreement with Fred’s to sell 865 Rite Aid 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 and Walgreens announced that they had entered into a new merger agreement (the “Revised Merger”). On June 29, 2017, Rite Aid and Walgreens announced that they had terminated the Revised Merger. Following the termination of the Revised Merger, Walgreens terminated the Fred’s Asset Purchase Agreement.
Defendants made 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 Original Merger, as well as, the Revised Merger; and (ii) representing that inside knowledge of the FTC gave confidence that the deal would close.
On this news, Fred’s stock price dropped $2.78 per share or over 22.8% from $12.20 per share to close at $9.41 per share on June 29, 2017. The Company’s stock price continued to fall over the following months, closing at $6.60 per share on September 27, 2017.
To learn more about the Fred’s class action go to: https://bespc.com/fred
Acer Therapeutics, Inc. (NASDAQ: ACER)
Lead Plaintiff Deadline: August 30, 2019
Class Period: September 25, 2017 to June 24, 2019
The complaint filed on July 1, 2019 alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (iii) consequently, the FDA would likely reject EDSIVO’s NDA; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
To learn more about the Acer class action go to https://bespc.com/Acer
Diebold Nixdorf, Inc. (NYSE: DBD)
Lead Plaintiff Deadline: September 3, 2019
Class Period: May 4, 2017 to July 4, 2017
The complaint filed on July 2, 2019 alleges that Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was experiencing delays in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle; (ii) the foregoing issues were negatively impacting the Company’s services business and operations; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. 5. On July 5, 2017, Diebold disclosed that the Company expected a wider net loss than indicated in its prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss.
The Company attributed the lowered expectations to a delay in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle. 6. Following this news, Diebold’s stock price fell $6.40 per share, or nearly 23%, to close at $21.60 per share on July 5, 2017
To learn more about the Diebold Nixdorf class action go to: https://bespc.com/dbd
Intelligent Systems Corporation (NYSE: INS)
Lead Plaintiff Deadline: September 9, 2019
Class Period: January 23, 2019 to May 29, 2019
The complaint filed on July 9, 2019 alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Petit, the “financial expert” on Intelligent Systems’ Audit Committee engaged in accounting fraud as the CEO of MiMedx Group, Inc.; (2) Intelligent Systems’ CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company’s auditor; (3) Intelligent Systems had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, defendants’ statements about Intelligent Systems’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Intelligent Systems class action go to: https://bespc.com/INS
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.