SHAREHOLDER DEADLINE ALERT: Scott+Scott Attorneys at Law LLP Reminds Investors of December 19, 2022 Lead Plaintiff Deadline in Securities Class Action Against Rite Aid Corp (RAD)

New York, New York--(Newsfile Corp. - December 13, 2022) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors who purchased Rite Aid Corp (NYSE: RAD) ("Rite Aid" or the "Company") securities between April 14, 2022 through September 28, 2022, inclusive (the "Class Period"), that the deadline to move for lead plaintiff in a securities class action lawsuit against Rite Aid and certain other defendants is December 19, 2022.

If you purchased Rite Aid shares during the Class Period, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or jzimmerman@scott-scott.com, for more information.

CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS CLASS ACTION

According to the complaint, which was filed in the U.S. District Court for the Eastern District of Pennsylvania, Rite Aid and certain of its directors and officers violated §§10(b) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") by issuing false and misleading statements and/or by failing to disclose material adverse facts during the Class Period about Rite Aid's Elixir PBM services business. Specifically, that the business was in material decline and that Rite Aid was likely to recognize a significant charge for the impairment of goodwill related to Elixir.

Eventually, on September 29, 2022, Rite Aid revealed the truth, announcing a $252.2 million charge for the impairment of goodwill related to the Company's Elixir subsidiary and explaining that the large impairment charge was triggered by an update in Rid 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.

Lead Plaintiff Deadline

The Lead Plaintiff deadline in this action is December 19, 2022. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

What You Can Do

If you purchased Rite Aid shares during the Class Period, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.

Attorney Advertising

CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147933