SEC Accuses Rite Aid Regional Vice Prez Of Insider Trading

Law360 (March 26, 2020, 5:49 PM EDT) -- A longtime employee of pharmacy chain Rite Aid Corp. will pay $186,661 to end U.S. Securities and Exchange Commission claims that he engaged in insider trading in January 2017 when he discovered that the company's merger with Walgreens would likely miss a deadline.

In a civil enforcement action filed in Pennsylvania federal court, the SEC accused Rite Aid employee David M. Mahan of selling off more than $650,000 in company shares the day before its stock price fell.

The SEC announced in a statement Thursday that Mahan agreed to disgorge $87,277 and pay a civil fine in the same amount, plus...

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