Shares of Rite Aid ended Monday’s session higher after a day of highly volatile trading.
Rite Aid’s stock price experienced steep swings throughout the trading day, soaring more than 20% higher than its opening price in morning trading and then falling to near-session lows close to midday. The stock surged again in the afternoon and ended the day 8.23% higher. The steep swings come after Rite Aid saw its price of shares tumble Friday amid reports that the drug store chain was preparing to file for bankruptcy.
3 billion in debt and has been embroiled in a legal battle for allegedly filling unlawful opioid prescriptions. The Department of Justice filed suit against the company in March, claiming that it knowingly processed “unlawful prescriptions for controlled substances.” That stands in violation of False Claims Act and Controlled Substances Act. Filing for bankruptcy would restructure Rite Aid’s debt, including any legal liabilities.
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