NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of GoodRx Holdings, Inc. (NASDAQ: GDRX)?
- Did you purchase your shares between September 23, 2020 and November 8, 2022, inclusive?
- Did you lose money in your investment in GoodRx Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of GoodRx Holdings, Inc. (“GoodRx” or the “Company”) (NASDAQ: GDRX) between September 23, 2020 and November 8, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired GoodRx common stock, and/or would like to discuss your legal rights and options please visit GoodRx Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) while Kroger accounted for less than 5% of the pharmacies accepting GoodRx discounts, Kroger was responsible for nearly 25% of GoodRx’s total prescription transactions revenue; and (2) Kroger could unilaterally cease accepting GoodRx discounts, cutting off some or all of GoodRx’s revenues for purchases at Kroger’s pharmacies.
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 pharmacy benefit managers (“PBMs”) for a subset of drugs” and that this “impacted the acceptance of many PBM discounts for certain drugs at this grocer’s stores.” GoodRx acknowledged that this disruption “could have an estimated revenue impact of roughly $30 million” in the second quarter of 2022 – resulting in GoodRx announcing disappointing second quarter 2022 revenue guidance of only about $190 million.
On this news, GoodRx’s stock price fell $2.78 per share, or over 25%, to close at $10.75 per share on May 9, 2022.
Then, on November 8, 2022, the Company provided further information on the severity of the revenue impact from the Kroger disruption. GoodRx estimated that the “impact of the grocer issue on third quarter [prescription transactions revenue] was approximately $40 million” and the Company expected “a combined $45 million to $50 million estimated impact to prescription transactions revenue” for the fourth quarter of 2022.
On this news, GoodRx’s stock price fell $1.18 per share, or over 22%, to close at $4.06 per share on November 9, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than June 21, 2024. 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 or acquired GoodRx common stock, and/or would like to discuss your legal rights and options please visit GoodRx Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@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 sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
