NEW YORK, Nov. 08, 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 “Class Period”). Investors have until December 19, 2022 to petition the court to appoint a 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 securities,…