LOS ANGELES, Oct. 25, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy advises Rite Aid Corporation (“Rite Aid” or the “Company”) WHEEL Investors that a class action lawsuit has been filed on behalf of investors. Rite Aid investors who have lost money investing are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected]to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

Rite Aid, through its subsidiaries, operates a drugstore chain in the United States. The Company operates through two segments, Retail Pharmacies and Pharmacy Services. The Pharmacy Services segment, through the Company’s subsidiary Elixir, provides an integrated suite of pharmacy benefit management (“PBM”) offerings, including technology solutions, mail delivery services, specialty pharmacy, network and discount management, claims adjustment, and pharmacy discount programs, among others.

In Rite Aid’s fourth quarter 2022 earnings call on April 14, 2022, Rite Aid President and CEO Heyward Rutledge Donigan (“Donigan”) discussed the growth of Elixir’s PBM services business during the period ended January 1, 2023 sales season. Donigan held that (i) Elixir had already “sold 35,000 new members” in the past few months (up from a total of 55,000 new members last year), (ii) Elixir was a finalist for 150,000 additional new members, and “the results have shown that we, once we’re a finalist, win deals 35% of the time,” and (iii) Elixir “had a current pipeline of nearly 1 million members and counting.”

In a letter to shareholders dated June 10, 2022, which appears in Rite Aid’s 2022 AGM Notice and Proxy Statement, Donigan stated: “[o]Our Elixir Account and sales teams are winning…