Rite Aid Fraud Led to $2.3B Restatement

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Rite Aid was the third largest drugstore chain in the US but faced a major accounting scandal in the late 1990s and early 2000s. The CEO Martin Grass and two other executives were convicted of fraud for inflating earnings through improper accounting entries from 1997-1999, resulting in a $2.3 billion restatement of pre-tax earnings. This accounting fraud and high debt load led to struggles for the company.

Business Santé & Médecine

Presented by: Antoine Collins, Craig Sears, Hermann Kablan, T. Matthew Coleman

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