An investigation on behalf of investors in GoodRx Holdings, Inc. (NASDAQ: GDRX) shares over potential wrongdoing at GoodRx Holdings, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/15/2022 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at GoodRx Holdings, Inc.
Investors who purchased shares of GoodRx Holdings, Inc. (NASDAQ: GDRX) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain GoodRx Holdings, Inc. (NASDAQ: GDRX officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On December 18, 2020, a lawsuit was filed against GoodRx Holdings, Inc over alleged Securities Laws Violations. The plaintiff alleged that, at the time of the IPO, unbeknownst to investors, Amazon.com, Inc. ("Amazon") was developing and would soon introduce its own online and mobile prescription medication ordering and fulfillment service that would directly compete with GoodRx. Defendants timed the IPO so that it was priced before Amazon announced its online pharmaceutical business to facilitate the IPO and create artificial demand for the common shares sold therein, as well to maximize the amount of money the Company and the selling stockholders could raise in the IPO. Given defendants' knowledge of Amazon's intention to enter the online pharmaceutical business, their statements in the Registration Statement and during the Class Period about GoodRx's competitive position were materially false and/or misleading when made and caused GoodRx Class A common stock to trade at artificially inflated prices of more than $64 per share between September 23, 2020 and November 16, 2020.
On June 7, 2021, a consolidated Complaint was filed and on August 6, 2021, the Defendants filed a Motion to Dismiss the consolidated Complaint.
On January 6, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. The court also gave leave to amend the Complaint.
On February 7, 2022, an amended consolidated Complaint was filed.
On May 9, 2022, after the market closed, GoodRx announced its first quarter 2022 financial results and withdrew its fiscal 2022 guidance. In its shareholder letter, the Company stated that "a grocery chain had taken actions that impacted acceptance of discounts from most PBMs for a subset of drugs." The Company expects "the grocer issue . . . could have an estimated revenue impact of roughly $30 million [and] will be ongoing without amelioration through Q2." As a result, GoodRx "believe[s] it is unlikely [it] will be able to achieve the FY 2022 guidance" previously provided.
Shares of GoodRx Holdings, Inc. (NASDAQ: GDRX) declined to as low as $7.33 per share on May 10, 2022.
Those who purchased shares of GoodRx Holdings, Inc. (NASDAQ: GDRX) have certain options and should contact the Shareholders Foundation.
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