Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Pivotal Software, Sunlands, Fred’s, and Acer Therapeutics and Encourages Investors to Contact the Firm

NEW YORK, Aug. 15, 2019 — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders Pivotal Software, Inc. (NYSE: PVTL), Sunlands Technology Group (NYSE: STG), Fred’s Inc. (NASDAQ: FRED), and Acer Therapeutics (NASDAQ: ACER). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Pivotal Software, Inc. (NYSE: PVTL)

Class Period: Securities pursuant or traceable to Pivotal’s April 2018 initial public offering (“IPO”) and/or securities purchased or acquired between April 24, 2019 and June 4, 2019 (the “Class Period”).

Lead Plaintiff Deadline: August 19, 2019

The complaint, filed on June 21, 2019, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the company’s public statements were materially false and misleading at all relevant times.

On June 4, 2019, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that “sales execution and a complex technology landscape impacted the quarter.” Wedbush Securities analyst Daniel Ives called the quarter a “train wreck” and characterized the company’s operating results as “disastrous,” asserting that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”

On this news, Pivotal’s stock price fell $7.60.

To learn more about the Pivotal Software class action go to: https://bespc.com/PVTL-2

Sunlands Technology Group (NYSE: STG)

Class Period: Securities pursuant or traceable to Sunlands’ March 2018 initial public offering (“IPO”) and/or securities purchased or acquired between March 20, 2018 and June 27, 2019 (“the class period”).

Lead Plaintiff Deadline: August 26, 2019

The complaint, filed on June 27, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Sunlands’s student enrollment was declining; (2) Sunlands’s gross billings were declining; (3) Sunlands’s marketing tactics were not as robust as described in the Registration Statement; and (4) as a result, defendants’ statements about Sunlands’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To learn more about the Sunlands class action go to: https://bespc.com/stg-2

Fred’s, Inc. (NASDAQ: FRED)

Class Period: December 20, 2016 to June 28, 2017

Lead Plaintiff Deadline: August 26, 2019

The complaint, filed on June 27, 2019, alleges that Walgreens Boots Alliance, Inc. (“Walgreens”), the Company and certain of their respective officers issued false and misleading statements and/or failed to disclose, among other things, the level of regulatory risk faced by the original and revised mergers pursuant to which Walgreens would acquire Rite Aid Corp. (“Rite Aid”) (the “Original Merger”).  Walgreens and Rite Aid had entered into an agreement with Fred’s to sell 865 Rite Aid stores for $950 million in an all-cash transaction in order to complete the Original Merger (the “Fred’s Asset Purchase Agreement”).

On January 30, 2017, Rite Aid and Walgreens announced that they had entered into a new merger agreement (the “Revised Merger”).  On June 29, 2017, Rite Aid and Walgreens announced that they had terminated the Revised Merger.  Following the termination of the Revised Merger, Walgreens terminated the Fred’s Asset Purchase Agreement.

Defendants made materially false and misleading statements concerning the level of regulatory risk faced by the Original Merger and the Revised Merger which would ultimately cause the termination of the Fred’s Asset Purchase Agreement. Specifically, defendants made false and/or misleading statements: (i) downplaying or disputing contrary reports from journalists signaling regulatory turbulence in closing the Original Merger, as well as, the Revised Merger; and (ii) representing that inside knowledge of the FTC gave confidence that the deal would close.

On this news, Fred’s stock price dropped $2.78 per share or over 22.8% from $12.20 per share to close at $9.41 per share on June 29, 2017. The Company’s stock price continued to fall over the following months, closing at $6.60 per share on September 27, 2017.

To learn more about the Fred’s class action go to: https://bespc.com/fred

Acer Therapeutics, Inc. (NASDAQ: ACER)

Lead Plaintiff Deadline: August 30, 2019

Class Period: September 25, 2017 to June 24, 2019

The complaint, filed on July 1, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (iii) consequently, the FDA would likely reject EDSIVO’s NDA; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

To learn more about the Acer class action go to https://bespc.com/Acer

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation.  For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contacts Bragar Eagel & Squire, P.C. Brandon Walker, Esq. Melissa Fortunato, Esq. (212) 355-4648 [email protected] www.bespc.com

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