LYCOS RETRIEVER 
Rite Aid
built 656 days ago
In the fourth quarter of FY 1999, Rite Aid prematurely recognized a $17 million litigation settlement with one of the two vendors referenced in the paragraph above. Rite Aid should not have recognized this sum because the settlement offer was expressly contingent upon the execution of a formal settlement agreement which did not take place until May 1999. Moreover, the litigation settlement was ... contingent upon the execution of the purchasing agreement referenced in the prior paragraph, which was not finalized until May 1999.
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A Baltimore County Circuit Court in Towson, Md., has ordered Rite Aid Corp. to pay $250,000 to Ellen Gray. The 42-year-old plaintiff contended that she became disabled in October 2000 after following incorrect advice printed in an information pamphlet that was enclosed with a prescription for doxycycline for the treatment of Lyme disease. The pamphlet instructed her to take milk with her medication, according to her lawyer, Loyd Byron Hopkins of Frederick, Md. Hopkins contended that milk and calcium products decreased the absorption of the drug and its ability to treat his client's Lyme disease symptoms.
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Rite Aid retroactively increased the estimated lives (periods of time) over which some groups of assets were depreciated, in violation of GAAP, which requires such changes to be done prospectively. There was no legitimate business purpose or supporting documentation for these changes. The effect of the retroactive depreciation changes resulted in increases to income, and caused some asset groups to have a negative depreciation expense. Although the data to determine the effect of these changes on FY 1999 is not available, these changes resulted in an approximately $14.6 million overstatement of FY 1998 pre-tax income.
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At the opening of the International Foundation Employee Benefits conference, a bicoastal labor coalition is inviting attendees to a reception to learn more about Rite Aid, it's pharmacy benefits management service (PBM) and its aggressive anti-union actions. Food and beverages will be served.
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A change like this seems to be a great opportunity to educate the consumer as to what the Rite Aid brand means. Instead, it looks like they are really only playing a name game.
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Does anyone know what's up with that mean old lady Marie that works at Rite Aid? She's so miserable and is always huffing and puffing like puff the magic dragon at every little thing! She especially hates it when you pay with debit/credit! What's up with that?
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