{"id":73089,"date":"2023-10-16T05:37:45","date_gmt":"2023-10-16T09:37:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/rite-aid-files-for-bankruptcy-its-all-about-opioid-lawsuits\/"},"modified":"2023-10-16T05:37:48","modified_gmt":"2023-10-16T09:37:48","slug":"rite-aid-files-for-bankruptcy-its-all-about-opioid-lawsuits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73089","title":{"rendered":"Rite Aid Files for Bankruptcy. It’s All About Opioid Lawsuits."},"content":{"rendered":"
\n
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<\/p>\n

<\/p>\n<\/figure><\/div>\n

Drugstore chain
\n Rite Aid
\n filed for bankruptcy late Sunday saying it will close more of its stores and it named a new CEO as part of a restructuring.<\/p>\n

The pharmacy chain is facing a number of lawsuits related to the country\u2019s opioid epidemic and the company said Chapter 11 bankruptcy filing will allow it to resolve litigation claims in an \u201cequitable manner.\u201d\u00a0<\/p>\n

\n

Rite Aid is the latest company embroiled in the opioid crisis to file for bankruptcy. In August drugmaker
\n Mallinckrodt
\n filed for its second bankruptcy in three years helping it reduce settlement payments by roughly $1 billion for its alleged role in the epidemic. The plan was approved last week.<\/p>\n

\n Rite Aid
\n (ticker: RAD) said it has secured $3.45 billion in new financing from lenders to support the company through the bankruptcy process. In a separate release, the company said Jeffrey Stein will take over as CEO with immediate effect, replacing Elizabeth Burr, who has held the role on an interim basis since January.\u00a0\u00a0<\/p>\n

The stock fell 16.8% Friday and has fallen more than 80% in 2023.<\/p>\n

The Justice Department sued Rite Aid in March, alleging it knowingly violated filled unlawful prescriptions for controlled substances, ignored red flags, and helped fuel the country\u2019s opioid epidemic. The DOJ\u2019s suit joined an existing whistleblower lawsuit filed in October 2019 in Ohio.\u00a0Rite Aid has denied all the allegations.<\/p>\n

The filing puts the lawsuits on hold, The Wall Street Journal reported.<\/p>\n

\u201cThe court-supervised process provides Rite Aid with legal tools to accelerate our footprint optimization in an efficient and orderly manner,\u201d Stein said in a statement.<\/p>\n

Rite Aid said it has entered an agreement for MedImpact, a pharmacy benefit management firm, to acquire its Elixir Solutions business.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Drugstore chain Rite Aid filed for bankruptcy late Sunday saying it will close more of its stores and it named a new CEO as part of a restructuring. The pharmacy chain is facing a number of lawsuits related to the country\u2019s opioid epidemic and the company said Chapter 11 bankruptcy filing will allow it to […]<\/p>\n","protected":false},"author":1,"featured_media":73090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73089","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nRite Aid Files for Bankruptcy. It's All About Opioid Lawsuits. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Drugstore chain Rite Aid filed for bankruptcy late Sunday saying it will close more of its stores and it named a new CEO as part of a restructuring. 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