Business Services Industry
Pennsylvania-Based Drugstore Chain Rite Aid Stock Moves Up.
Knight Ridder/Tribune Business News, November, 1999 by Dochat, Tom
Knight Ridder/Tribune Business News
Nov. 20 -- Rite Aid Corp. stock climbed 5.5 percent Friday despite news that the U.S. Securities and Exchange Commission has begun a formal investigation of its financial operations.
The stock closed at $7.25 a share, up 37 1/2 cents.
After the market closed Thursday, Rite Aid reported that the SEC has started an investigation. Two weeks ago, Rite Aid said the SEC's enforcement unit had contacted the drugstore chain and that it anticipated a review because it planned to restate earnings for the past three fiscal years.
Rite Aid said in October that it had inflated earnings for fiscal 1997, 1998 and 1999 by a pre-tax total of $500 million, about half what it originally reported.
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