Rite Aid class action lawsuit filed: Johnson fistula

Rite Aid class action lawsuit filed: Johnson fistula


SAN DIEGO, Oct. 24, 2022 (GLOBE NEWSWIRE) – Law Firm for Shareholder Rights Johnson Fistula, LLP announces that a class action lawsuit has been commenced on behalf of investors in Rite Aid Corporation (“Rite Aid” or the “Company”) (NYSE: RAD). The class action is being brought on behalf of shareholders who purchased Rite Aid securities between April 14, 2022 and September 28, 2022 (the “Class Period”). Investors are hereby notified that they have until December 19, 2022 to request the court to appear as lead plaintiff in this lawsuit.

What actions can I take at this time? If you have suffered a loss and would like to learn more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. When emailing, please include your phone number.

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The lawsuit alleges that the defendants made materially false and misleading statements about the Company’s business, operations and prospects throughout the class period. In particular, the Defendants made false and misleading statements and failed to disclose: (i) despite claims to the contrary, the number of new members (i.e., “Life”) that the Elixir PBM Services business added during the sales season ending January 1, 2023, was in material decline; (ii) Rite Aid would likely recognize a significant goodwill impairment charge related to Elixir due to a decrease in the “lives” covered by Elixir’s PBM service business; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On September 29, 2022, Rite Aid announced a $252.2 million goodwill impairment related to the Company’s subsidiary Elixir. On a conference call later in the day on the results, Rite Aid’s chief financial officer, Matt Schroeder, stated that…

Continue to read on GlobeNewswire https://www.globenewswire.com/news-release/2022/10/24/2539995/0/en/Rite-Aid-Class-Action-Complaint-Filed-Johnson-Fistel-Encourages-Shareholders-to-Contact-the-Firm.html

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