PR Newswire
NEW YORK, June 15, 2024
NEW YORK, June 15, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against GoodRx Holdings, Inc. ("GoodRx" or the "Company") (NASDAQ: GDRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether GoodRx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until June 21, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired GoodRx securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 9, 2022, GoodRx revealed that, late in the first quarter of 2022, "a grocery chain had taken actions that impacted acceptance of discounts from most PBMs [pharmacy benefit managers] for a subset of drugs" and that this "impacted the acceptance of many PBM discounts for certain drugs at this grocer's stores." GoodRx further acknowledged that this disruption "could have an estimated revenue impact of roughly $30 million" in the second quarter of 2022—resulting in the Company announcing disappointing second quarter 2022 revenue guidance of only about $190 million. In the accompanying investor earnings call held that same day, GoodRx's Co-Chief Executive Officer Trevor Bezdek admitted that the use of GoodRx discounts at the "grocery chain" were responsible for nearly 25% of GoodRx's prescription transactions revenue. While the Company refused to identify the grocer by name, analysts and media outlets quickly recognized that the unnamed grocery chain was Kroger.
On this news, GoodRx's stock price fell $2.78 per share, or more than 25%, to close at $7.97 per share on May 10, 2022.
Then, on November 8, 2022, GoodRx provided further information on the severity of the revenue impact from the Kroger disruption, estimating that the "impact of the grocer issue on third quarter [prescription transactions revenue] was approximately $40 million" and that the Company expected "a combined $45 million to $50 million estimated impact to prescription transactions revenue" for the fourth quarter of 2022. GoodRx further acknowledged that the Company was seeking to enter into contractual relationships with pharmacies to prevent similar disruptions from occurring in the future.
On this news, GoodRx's stock price fell another $1.18 per share, or more than 22%, to close at $4.06 per share on November 9, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
