NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Rite Aid Corporation (“Rite Aid” or the “Company”) (NYSE: RAD). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Rite Aid and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On September 29, 2022, Rite Aid announced a $252.2 million goodwill impairment charge related to the Company’s Elixir subsidiary. On a conference call later in the day, Rite Aid’s Chief Financial Officer, Matt Schroeder, explained that the large impairment was triggered by a change in Rite Aid’s estimate of Elixir Covered Lives for 2023 based on the most recent sales season.

As a result of this news, Rite Aid’s stock price fell $1.97 per share, or 28.02%, to close at $5.06 per share on September 29, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.

CONTACT:
Robert S Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980