NEW YORK, Dec. 9, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Fred's, Inc. (NASDAQ: FRED) ("Fred's" or the "Company"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Fred's and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 8, 2016, post-market, Fred's announced the Company's results for the third quarter of 2016, reporting a net loss of $38.4 million, compared to net income of $1.4 million for the same period in the prior year. During the Company's earnings call, Fred's would not take calls from analysts, citing a "pending transaction."
On this news, Fred's stock has fallen as much as $1.14, or 10.52%, during intraday trading on December 9, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP