Rite Aid Corporation Securities Lawsuit Investigation
Share of Rite Aid Corporation dropped 28% on September 29, 2022 after the company issued a disappointing Q2 report for 2022 and also reported a non-cash goodwill impairment charge of $252.2 million.
Following this news, Rite Aid stock plummeted 28% on September 29, 2022, causing significant harm to investors.
Lost Money in Rite Aid Stock?
You may be eligible to recover your losses. Get a free and confidential consultation.
(Please provide number of shares, purchase date, and estimated losses.)
Why is Rite Aid Stock Dropping?
On Thursday, September 29, 2022, Rite Aid released its Q2 report for 2022. The pharmacy retailer reported revenue of $5.9 billion, lower than analysts’ estimate of $5.77 billion, and it reported an adjusted net loss per share of $0.63, worse than analysts’ estimate of $0.55 per share. In addition, Rite Aid lowered its guidance for 2023.
Much of Rite Aid’s loss was related to a non-cash goodwill impairment charge of $252.2 million related to its subsidiary, Elixir. However, on Rite Aid’s previous earnings call for Q1 2022, Elixir’s COO had stated, “we are still expecting to have the strongest selling season that we’ve had in several years at Elixir.”
Our Securities Lawyers Have a Winning Record Against Companies Like Rite Aid
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”
–Eric Gibbs, award-winning securities attorney
Praise from the Courts
Federal judge in our AT&T class action:
“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”
Federal judge in our Chase lawsuit (resulting in $100 million settlement):
They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Our Featured Securities Team
Eileen Epstein Carney
Eileen represents investors and consumers harmed by financial fraud and other corporate misconduct. She also executes on the firm's strategic vision.
View full profileDave Stein
Dave represents clients in cases nationwide, ranging from securities and financial fraud cases to product liability, privacy, and data breach suits.
View full profileGibbs Law Group's Financial Fraud Experience
We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world's largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and financial fraud lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.