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NEW YORK, May 19, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Rite Aid Corporation ("Rite Aid" or the "Company") (NYSE: RAD). 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 March 13, 2023, the U.S. Department of Justice ("DOJ") issued a press release announcing that it had filed a lawsuit against Rite Aid, intervening in a whistleblower lawsuit brought under the False Claims Act against Rite Aid and various subsidiaries, alleging that Rite Aid knowingly filled unlawful prescriptions for controlled substances. The DOJ also announced that it was suing Rite Aid for violations of the Controlled Substances Act.
On this news, Rite Aid's stock price fell $0.71 per share, or 21.65%, over the following two trading sessions, to close at $2.57 per share on March 15, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in 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
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SOURCE Pomerantz LLP