![]() ![]() A Chapter 11 filing would pause those lawsuits and allow the company to consolidate the claims. Rite Aid has yet to agree on a settlement with the opioid plaintiffs to resolve liabilities in a potential bankruptcy filing, according to the Journal. Drug overdose deaths from prescription opioids rose jumped from 3,442 in 1999 to 16,706 in 2021, according to data from the National Institute on Drug Abuse. opioid overdose deaths can be tied to the uptick in opioid prescriptions starting in the 1990s. The Centers for Disease Control and Prevention says the rise in U.S. The Journal reports that the company also faces more than a thousand federal lawsuits that were consolidated in Ohio and other pending litigation in state courts. ![]() The Justice Department filed a civil lawsuit against the company earlier this year, claiming that it violated the Controlled Substances Act by repeatedly filling prescriptions that had “obvious red flags.” Rite Aid is facing lawsuits alleging the company helped fuel the country’s opioid epidemic by knowingly filling prescriptions for painkillers that did not meet legal requirements. When asked for comment on the reports, Rite Aid spokesperson Joy Errico said “we do not comment on rumors or speculation.” What is the Rite Aid opioid scandal? Philadelphia-based Rite Aid’s stock price dipped more than 50% Friday after the reports on the pending bankruptcy filing were published by The Wall Street Journal and Bloomberg, citing people familiar with the matter.The Chapter 11 filing would allow the company to restructure its more than $3 billion debt load and help it address lawsuits alleging the company filled hundreds of thousands of opioid prescriptions unlawfully. Rite Aid is reportedly preparing to file for bankruptcy to address a slew of opioid lawsuits. ![]()
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