Rite Aid’s Ex-CEO Settles Lawsuit
From Associated Press
The former chairman and chief executive of Rite Aid Corp. agreed to pay $1.45 million to settle a lawsuit in which shareholders alleged that the drugstore chain’s financial books were falsified over a 30-month period, inflating the stock’s value.
Martin L. Grass, who was forced out in October 1999 and is facing federal criminal fraud charges stemming from the financial statements, did not admit wrongdoing in the civil suit, his attorney said.
Camp Hill, Pa.-based Rite Aid’s stock, which reached a high of $50.94 in 1999, fell 1 cent to $2.65 on the NYSE.
