Tuesday, October 18, 2022 1:15:08 PM
3:41 PM ET 10/16/22 | Dow Jones
New York, New York--(Newsfile Corp. - October 16, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Rite Aid Corporation (NYSE: RAD) ("Rite Aid" or the "Company"). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Rite Aid and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 29, 2022, Rite Aid announced a $252.2 million charge for the impairment of goodwill related to the Company's Elixir subsidiary. On an earnings call held later in the day, Rite Aid's Chief Financial Officer, Matt Schroeder, explained that the large impairment charge was triggered by a change in Rite Aid's estimate of lives covered by Elixir for 2023 based on the latest selling season.
On 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140728
> Dow Jones Newswires
October 16, 2022 15:41 ET (19:41 GMT)
The saddest lessons of history is this: If you have been conned long enough, you reject any evidence of the con. It’s too painful to acknowledge, even to yourself, that you have been taken. If you give a charlatan power over you, you never get it back.”
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