The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rite Aid Corporation (NYSE: RAD) who purchased shares between April 14, 2022 and September 28, 2022. The action, which was filed in the United States District Court for the Eastern District of Pennsylvania, alleges that the Company violated federal securities laws.
In particular, the Rite Aid lawsuit alleges that (i) despite representations to the contrary, the number of new members that the Elixir pharmacy benefit management services business was adding during the selling season ending on January 1, 2023 was in material decline; (ii) Rite Aid was likely to recognize a significant charge for the impairment of goodwill related to Elixir due to a decrease in “lives” covered by Elixir’s pharmacy benefit management services business; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until December 19, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >