Former Rite Aid CEO Settles
By George Anderson
Martin Grass, the former chairman and chief executive officer of Rite Aid has agreed to settle a lawsuit by paying $1.45 million to shareholders who alleged the chain’s books were cooked to inflate share prices.
Mr. Grass agreed to settle the civil suit without admitting to any wrongdoing. He is also facing federal charges for fraud based on Rite Aid’s financial statements during his tenure.
Moderator’s Comment: Has Rite Aid recovered from the
Martin Grass debacle (or would that be alleged debacle)?
Game. Set. Match. The attorney for Mr. Grass, Andrew Weissman
told The Associated Press, “Martin Grass continues to deny all the allegations
in the complaint. But a settlement is a settlement.”
[George
Anderson – Moderator]