NEW YORK, Nov. 04, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that the United States District Court for the Eastern District of Pennsylvania has filed a class action lawsuit on behalf of the acquirers of Rite Aid Corporation (“Rite Aid” or the “Company”) (NYSE: WHEEL) Securities between April 14, 2022 and September 28, 2022 (the “Collection Period”). Investors have until December 19, 2022 to petition the court to be named lead plaintiff in the lawsuit.

Rite Aid operates a chain of drugstores in various states and the District of Columbia. The Company sells prescription drugs and other products such as health and beauty aids, non-prescription drugs and cosmetics.

On September 29, 2022, Rite Aid announced a $252.2 million charge for the impairment of goodwill related to the company’s PBM services business, Elixir. On a conference call later that day on the results, Rite Aid Chief Financial Officer (“CFO”) Matt Schroeder stated that the large impairment was Elixir-related, based on “an update to our estimate of human lives[, i.e., new members,] for 2023 based on last sales season,” and that Rite Aid “expects[ed] Lives perish.” As a result of this news, Rite Aid stock fell $1.97 per share, or approximately 28.02%, from $7.03 per share to a closing price of $5.06 on September 29, 2022.

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose: (1) despite allegations to the contrary, the number of new members (ie, “lives”) that Elixir Das PBM- Services business, added during the sales season ending January 1, 2023, declined significantly; and (2) 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 services business.

If you have purchased or otherwise acquired Rite Aid…