Grabar Law Office is investigating potential claims on behalf of Rite Aid Corporation (NYSE: RAD) shareholders. This investigation concerns whether certain of Rite Aid’s officers and directors breached the fiduciary duties they owed to the company.

A securities fraud class action complaint alleges that Rite Aid, through certain of its officers, made false and/or misleading statements and/or failed to disclose, among other things, that: (1) 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; (2) Rite Aid pharmacists filled these prescriptions despite clear “red flags” that indicated that the prescriptions were unlawful; (3) Rite Aid ignored evidence that its stores were dispensing unlawful prescriptions, and intentionally deleted internal notes about suspicious prescribers written by concerned pharmacists; (4) by knowingly filling unlawful prescriptions for controlled substances, Rite Aid violated the Controlled Substances Act and, where Rite Aid sought reimbursement from federal healthcare programs, also violated the False Claims Act; (5) as a result, it was at risk of prosecution by federal authorities such as the United States Department of Justice and (6) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

Current Rite Aid shareholders who have held Rite Aid shares since on or before April 26, 2018, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.

Current Rite Aid shareholders would like to learn more about this matter are encouraged to contact us at jgrabar@grabarlaw.com, or call Joshua Grabar at 267-507-6085.