We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Rite Aid Prevails In Insider Trading Suit

Law360 (September 18, 2007, 12:00 AM EDT) -- A judge has tossed out a lawsuit accusing Rite Aid Corp. of profiting from insider trading, ruling the drugstore chain is immune under laws banning so-called short swing sales of registered stock.

In granting the pharmacy company summary judgment in the case, Manhattan District Court Judge Kimba Wood said Friday Rite Aid's trade of its equity in health management services company AdvancePCS did not violate securities laws.

The judge dismissed arguments by AdvancePCS shareholder Elliott Scheier that Rite Aid had engaged in short-swing insider trading when...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.