2022-10-07 | NYSE:RAD | Press release
Gibbs Law Group investigates potential violations of securities law
Rite Aid Corporation’s share fell 28% on September 29, 2022 after the company released a disappointing report for the second quarter of 2022 and also reported a non-cash goodwill impairment charge of $252.2 million. Gibbs Law Group is investigating a potential class action lawsuit against Rite Aid (RAD) Securities on behalf of investors who lost money in Rite Aid Corporation (NYSE: RAD).
To speak to a lawyer regarding this class action investigation, click here or call (888) 410-2925.
On Thursday, September 29, 2022, Rite Aid released its second quarter report for 2022. The pharmacy retailer reported revenue of $5.9 billion, lower than analysts’ estimate of $5.77 billion. dollars, and it announced an adjusted net loss per share of $0.63, worse than analysts’ estimate of $0.55 per share. Additionally, Rite Aid has lowered its forecast for 2023.
Much of Rite Aid’s loss was related to a $252.2 million non-cash goodwill impairment charge related to its subsidiary, Elixir. However, on Rite Aid’s previous Q1 2022 earnings call, Elixir’s COO said, “We still expect to have the strongest selling season we’ve had in several years at Elixir.
Following this news, Rite Aid stock fell 28%, closing at $5.06 on September 29, 2022, causing significant damage to investors.
What mustRitual AidDo investors do?
If you have invested in Rite Aid, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you might recoup your losses. Our investigation focuses on whether Rite Aid Corporation violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors nationwide in securities litigation to redress abusive corporate governance practices, breaches of fiduciary duty and breaches of powers of attorney. The firm has recovered over $1 billion for its clients against some of the largest corporations in the world, and our attorneys have received numerous accolades for their work, including “Best Lawyers in America,” “Best Plaintiffs’ Lawyers in California,” “California Lawyer of the Year,” “Best Class Action Lawyers Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/Privacy Lawyers Under 40.”
This press release may constitute attorney publicity in certain jurisdictions under applicable law and ethics rules.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20221007005573/en/
