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NEW YORK, Oct. 20, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that on behalf of investors holding the securities of Rite Aid Corporation (“Rite Aid” or the “Company”) (NYSE: RAD) between April 14, 2022 and September 28, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania alleging violations of the Securities Exchange Act of 1934.

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 provides an integrated suite of Pharmacy Benefit Management (“PBM”) offerings Among other thingsthe company’s Elixir subsidiary, including technology solutions, mail delivery services, specialty pharmacies, network and discount administration, claims adjudication and pharmacy discount programs.

In Rite Aid’s Q4 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 January 1, 2023 ending 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 “results have shown that 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, included in the Rite Aids 2022 Notice of…