Rite Aid Corporation (RAD) named in class action filed in the United States District Court for the Eastern District of Pennsylvania

DONOVAN SEARLES, LLC.
1845 Walnut Street, Suite 1100, Philadelphia, PA 19103
ph: 215-732-6067 fax: 215-732-8060
email mdonovan@donovansearles.com

Donovan Searles, LLC Announces Securities Class Action filed on behalf of Rite Aid Corp. Stock Purchasers.

Philadelphia, May 3, 1999 - The law firm of Donovan Searles, LLC announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Rite Aid Corporation (NYSE - RAD) common stock from December 14, 1998 through March 11, 1999, inclusive (the Class Period). The Complaint alleges that, during the Class Period, Rite Aid, and certain of its officers and directors (collectively, the Defendants), violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, issuing materially false and misleading statements to the investing public regarding Rite Aid’s financial results.

Donovan Searles, LLC has also recently filed, or is currently investigating, investor cases concerning the securities of Compaq Computer Corp. (NYSE: CPQ) between Jan. 27, 1999 through Feb. 25, 1999; Advanced Micro Devices (NYSE: AMD) between Jan. 13, 1999 through Mar. 9, 1999; Sun Healthcare (NYSE: SHG) between June 2, 1998 through Feb. 1, 1999; CHS Electronics (NYSE: HS) between Dec. 18, 1997 through Mar. 22, 1999; PeopleSoft, Inc. (NASDAQ: PSFT) between Feb. 4, 1997 through Jan. 28, 1999; and Dura Pharmaceutical, Inc. (NASDAQ: DURA) between April 15, 1997 through Feb. 24, 1998.

If you are a member of the class described above, you may move the court to serve as lead plaintiff within 60 days of March 14, 1999. If you wish to discuss this action or any other securities we are investigating, or have any questions concerning your rights, please contact Michael D. Donovan at Donovan Searles, LLC, 1845 Walnut Street, Suite 1100, Philadelphia, PA 19103; phone: (800) 619-1677 or (215) 732-6067; e-mail: mdonovan@donovansearles.com, or by clicking here.

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