RITE AID CORPORATION CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO AGAINST RITE AID CORPORATION

LEAD PLAINTIFF DEADLINE IS MAY 19, 2023

NEW YORK, April 1, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf Haldenstein") announces that a federal securities class action lawsuit  has been filed in the United States District Court for the Northern District of Ohio on behalf of investors who purchased or acquired the securities of Rite Aid Corporation ("Rite Aid" or the "Company") (NYSE: RAD) between April 26, 2018 and March 13, 2023, inclusive (the "Class Period").

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than May 19, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

PLEASE CLICK HERE TO SUBMIT YOUR CONTACT AND TRANSACTION INFORMATION

Rite Aid is a national health care service and retail products company. Through Elixir, Rite Aid's pharmacy benefits manager, the Company purports to provide pharmacy benefits and services to over two million members nationwide.

The filed complaint alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that:

• until at least June 2019, Rite Aid filled at least hundreds of thousands of unlawful prescriptions for controlled substances that lacked a legitimate medical purpose, including for potentially lethal opioids such as oxycodone and fentanyl;
• Rite Aid pharmacists filled these prescriptions despite clear "red flags" that indicated that the prescriptions were unlawful;
• Rite Aid ignored evidence that its stores were dispensing unlawful prescriptions, and intentionally deleted internal notes about suspicious prescribers written by concerned pharmacists;
• Rite Aid violated the Controlled Substances Act ("CSA") and, where Rite Aid sought reimbursement from federal healthcare programs, also violated the False Claims Act; and
• as a result, it was at risk of prosecution by federal authorities such as the United States Department of Justice ("DOJ").

Monday, March 13, 2023, after market hours, the DOJ announced in a press release that it had filed a lawsuit against Rite Aid, intervening in a whistleblower lawsuit brought under the False Claims Act (FCA) against Rite Aid and various subsidiaries. The whistleblower lawsuit alleged that Rite Aid
knowingly filled unlawful prescriptions for controlled substances. The DOJ also announced that it was suing Rite Aid for violations of the CSA.

On this news, Rite Aid's stock fell $0.62 per share, or 18.9%, to close at $2.66 on March 14, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP