HENDERSONVILLE, TN / May 5, 2021/ The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, is investigating GoodRx Holdings, Inc. (NASDAQ: GDRX) on behalf of shareholders to determine whether certain GoodRx officers and directors violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. GoodRx is a holding company that owns and operates a U.S. consumer-focused digital healthcare platform.
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GoodRx Holdings, Inc. (GDRX) Misled Shareholders Regarding its Business Prospects
According to a class action complaint filed against GoodRx, Defendants timed the Company’s initial public offering (“IPO”) to happen just before Amazon.com, Inc. announced its online pharmaceutical business that would compete with GoodRx, which maximized the amount of money the selling stockholders could raise in the IPO and artificially inflated GoodRx’s stock price. The GoodRx class action lawsuit was commenced on December 18, 2020 in the Central District of California and is captioned Terenzini v. GoodRx Holdings, Inc., No. 20-cv-11444.
GoodRx closed its IPO on September 25, 2020, selling 39.8 million shares for $33 per share, generating over $1.3 billion in gross offering proceeds. In its Registration Statement, GoodRx touted its successes in growing market share and stated that it is “a market leader with a significant scale and brand advantage over our competitors. Our growth accelerates self-reinforcing network effects that further strengthen our competitive position.” However, at the time these statements were made, defendants knew that Amazon was about to enter the online prescription medication ordering and fulfillment business because of the Company’s close relationship with Amazon and reliance on Amazon Web Services to support the Company’s platform. On November 17, 2020, Amazon announced two new pharmacy offerings, which would compete directly with GoodRx’s platform. On this news, GoodRx’s stock declined 23%, erasing more than $4 billion of the Company’s market capitalization.
GoodRx Shareholders Urged to Contact the Firm
If you purchased GoodRx securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Last year, Mr Miles was recognized as a 2020 Top Ranked Lawyer; 2020 Top Rated Litigator; and a 2020 Elite Lawyer of The South by Martindale-Hubbell® and ALM. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2021); Top Rated Lawyer by Martindale-Hubbell® and ALM (2019-2021); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019-2020); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits to Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
141 Saundersville Road, #2202
Hendersonville, TN 37075
Leading the Fight to Protect Shareholder Rights for Over 19 Years