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RAD.US
id: 626

Rite Aid (RAD) Opioids Prescriptions Case

E.D. Pennsylvania
Court
2:23-cv-02962
Case number
26 Apr 2018
Class period Start
25 Aug 2023
Class period End
19 May 2023
Lead Plaintiff motion deadline
  • DOJ filed a lawsuit against Rite Aid, alleging filling unlawful prescriptions for controlled substances.
  • On this news, $RAD fell 18.9%, damaging investors.
  • Investors suspect Rite Aid & its Leaders of multiple violations which brought damage to shareholders.
On March 13, 2023, the DOJ announced in a press release that it had filed a lawsuit against Rite Aid, thus intervening in a whistleblower lawsuit brought under the False Claims Act (FCA) 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 (CSA).

On this news, $RAD fell 18.9%, damaging investors.

Taking all the facts into account, Investors have reasons to Suspect Rite Aid and its Leaders of making false and/or misleading statements and/or failing to disclose, among other things, 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;
  • 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;
  • it was at risk of prosecution by federal authorities such as the United States Department of Justice (“DOJ”)
As a result, Company's statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
25 August 2023
Filing date
20 March 2023
Lead Plaintiff Deadline
19 May 2023
Judge
Hon. James S. Gwin
Collecting participants…

Rite Aid Corporation

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through two segments, Retail Pharmacy and Pharmacy Services. The Ret...

    Ticker
    RAD.US
    ISIN
    US7677548726
    CIK
    84129
    Sector
    Healthcare
    Industry
    Pharmaceutical Retailers
    Country
    USA
    Address
    1200 Intrepid Avenue, Philadelphia, PA, United States