NEW YORK , Dec. 21, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of GoodRx Holdings, Inc. ("GoodRx" or the "Company") (NASDAQ: GDRX) from September 23, 2020 through November 16, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased GoodRx securities, and/or would like to discuss your legal rights and options please visit GoodRx Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com .
The complaint alleges that throughout the Class Period, defendants participated in a fraudulent scheme and course of business that operated as a fraud or deceit on purchasers of GoodRx common stock by disseminating materially false and misleading statements and/or concealing material adverse facts. The scheme: (1) deceived the investing public regarding GoodRx's business, operations, services, competition, competitive market trends and present and future business prospects; (2) facilitated the Company's September 2020 initial public offering ("IPO"); (3) created artificial demand for the GoodRx common shares sold in the IPO; (4) enabled the Company to receive $887 million in net proceeds from the sale of GoodRx common stock in the IPO; (5) enabled certain existing shareholders, including executive officers and Company employees, to collectively reap gross proceeds of more than $369 million from the sale of GoodRx common stock in the IPO; and (6) caused plaintiff and the Class to purchase GoodRx publicly traded common stock at artificially inflated prices.
On November 17, 2020 , just weeks after GoodRx completed its IPO, Amazon announced two new pharmacy offerings, a Prime Rx plan and a discount card program, which, among other things, would compete directly with GoodRx's platform. That same day, CNBC.com reported that Amazon Prime members would now have access to discounts of up to 80% on generic medications and up to 40% on brand-name prescriptions through its relationship with the Inside Rx savings program. This competitive pricing posed a severe threat to GoodRx's business model.
On this news, GoodRx's stock price fell $10.51 per share, or 23%, to $36.21 per share by market close on November 17, 2020 .
If you wish to serve as lead plaintiff, you must move the Court no later than February 16, 2021 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased GoodRx securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/goodrxholdingsinc-gdrx-shareholder-class-action-lawsuit-stock-fraud-347/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com .
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP