SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED FRED’S, INC. COMMON STOCK BETWEEN JANUARY 31, 2017 AND JUNE 28, 2017, INCLUSIVE (THE “CLASS PERIOD”), AND WHO WERE DAMAGED THEREBY.
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS SUMMARY NOTICE CAREFULLY AND IN ITS ENTIRETY. PLEASE REVIEW THE NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION (“NOTICE”) POSTED HERE FOR ADDITIONAL DETAILS AND INSTRUCTIONS.
YOU ARE HEREBY NOTIFIED that a hearing will be held in the above-captioned action (the “Action”) on July 5, 2022, at 2 p.m., before the Honorable Sheryl H. Lipman in Courtroom 1, 11th Floor of the United States District Court for the Western District of Tennessee, Clifford Davis and Odell Horton Federal Building, 167 North Main Street, Memphis, Tennessee 38103 or via Microsoft Teams or some other video platform to determine: (1) whether a Class should be certified for purposes of the Settlement and whether Plaintiffs and Class Counsel have adequately represented the Class Members; (2) whether the proposed Settlement of the Class’s claims against Bloom for $7,250,000 should be approved as fair, reasonable, and adequate; (3) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (4) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (5) whether the Action should be dismissed with prejudice against Bloom, as set forth in the Stipulation filed with the Court; (6) whether the application by Class Counsel for an award of attorneys’ fees and expenses should be approved; and (7) whether Lead Plaintiffs’ application for reimbursement of costs and expenses should be granted.
IF YOU PURCHASED OR OTHERWISE ACQUIRED FRED’S, INC. COMMON STOCK BETWEEN JANUARY 31, 2017 AND JUNE 28, 2017, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release Form (“Proof of Claim”) either electronically through the Settlement website, by 11:59 p.m. Eastern Time on June 5, 2022 or postmarked or delivered to the Claims Administrator no later than June 5, 2022. Your failure to submit your Proof of Claim by June 5, 2022, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of the Action. If you are a Class Member and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
Copies of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Settlement), a Proof of Claim form, and the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) may be obtained online HERE or from the Claims Administrator at:
Fred’s, Inc. Securities Litigation
c/o Strategic Claims Services
600 N. Jackson St., Ste. 205
P.O. Box 230
Media, PA 19063
Inquiries should NOT be directed to Defendant, the Court, or the Clerk of Court. Inquiries may also be made to Class Counsel:
Joshua B. Silverman, Esq.
10 S. LaSalle St., Ste. 3505
Chicago, IL 60603
Telephone: (312) 377-1181
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS RECEIVED NO LATER THAN jUNE 14, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL CLASS MEMBERS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE JUDGMENTS ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, ANY REQUEST FOR AN AWARD OF ATTORNEYS FEES AND EXPENSES, OR ANY REQUEST FOR A COMPENSATORY AWARD TO LEAD PLAINTIFFS BY JUNE 14, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
Dated: MARCH 14, 2022