NEW YORK, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against GoodRx Holdings, Inc. (“GoodRx” or the “Company”) (NASDAQ: GDRX) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of GoodRx between September 23, 2020 to November 16, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for GoodRx investors under the federal securities laws.
The Complaint alleges that at the time of the Company’s initial public stock offering (the “IPO”), the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Specifically, the Complaint alleges that on September 23, 2020, GoodRx completed its IPO, selling about 34.6 million shares at $33.00 per share. The Complaint alleges that Defendants timed the IPO before Amazon announced its online pharmaceutical business, making their statements in the Registration Statement and during the Class Period about GoodRx’s competitive position materially false and/or misleading. The Complaint also alleges that due to these materially false and/or misleading statements, GoodRx Class A common stock traded at artificially inflated prices of more than $64 per share during the Class Period.
Then, on November 17, 2020, Amazon announced its Prime Rx plan and a discount card program, which was said to make it “simple for customers to compare prices and purchase medications for home delivery, all in one place.” Following this news, GoodRx Class A common stock dropped 23%, from $46.72 per share to $36.21 on November 17, 2020.
Investors who purchased or otherwise acquired shares of GoodRx during the Class Period should contact the Firm prior to the February 16, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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