LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Rite Aid Corporation (“Rite Aid” or the “Company”) (NYSE: RAD) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 29, 2022, Rite Aid announced a $252.2 million charge for the impairment of goodwill related to the Company’s pharmacy benefit management (“PBM”) subsidiary, Elixir. The Company’s CFO further disclosed that the charge was related to “an update to [its] estimate of [new members] for 2023 based on the latest selling season,” and that Rite Aid expected Elixir’s number of new members to decrease.
On this news, Rite Aid’s stock price fell $1.97, or 28%, to close at $5.06 per share on September 29, 2022.
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If you purchased Rite Aid securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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