Yes, ALEWIVES is a Scrabble word!

Letter values in Scrabble US: A 1, L 1, E 1, W 4, I 1, V 4, E 1, S 1.

Is it a valid word?

ALEWIVES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

flesh of shad-like fish abundant along the Atlantic coast or in coastal streams
shad-like food fish that runs rivers to spawn; often salted or smoked; sometimes placed in genus Pomolobus

Also: alosa pseudoharengus, pomolobus pseudoharengus.