Securities Class Action Filed Against Walgreen Co.

Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, during the Class Period, Defendants issued false and misleading statements and/or failed to disclose adverse information regarding Walgreen’s business and prospects, including the purported benefits of its strategic partnership with Alliance Boots GmbH. Specifically, it is alleged that Defendants publicly announced goals for fiscal year 2016 of $1 billion in combined synergies and $9 to $9.5 billion in adjusted earnings before interest and taxes (“EBIT”) for the combined entity, but concealed a $1.8 to $2.3 billion fiscal year 2016 earnings shortfall, as well as the reasons for the shortfall, from the investing public. As a result of Defendants’ false and misleading statements and/or omissions during the Class Period, the price of Walgreen stock traded at artificially inflated prices, reaching a high of $76.08 per share. The Complaint states that on August 4, 2014, Walgreen announced that its CFO, Defendant Wade Miquelon, would be resigning; two days later, Defendants lowered the fiscal year 2016 EBIT target to $7.2 billion, $1.8 billion below the low-end and $2.3 billion below the high-end of the range they had previously announced to investors. Following these disclosures, the Company’s share price declined, falling from a close of $69.12 per share on August 5, 2014 to a close of $59.21 per share on August 6, 2014, a drop of more than 14% on volume of more than 84 million shares traded. Filed in N.D. Ill.

Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 6/9/2015.

Join This Action: To apply to join this action and be represented by Shepherd, Finkelman, Miller & Shah, LLP, please click here for a certification form to submit your information.

Send Us Information: If you have information about this action that you would like to provide us, please click here.

A Message to Our Clients About Coronavirus COVID-19:
PLEASE READ »

A Message to Our Clients About Coronavirus COVID-19

At Shepherd, Finkelman, Miller & Shah, LLP, we view the safety and well-being of our clients, staff and business partners as our highest priority.

The situation regarding the COVID-19 virus is continually changing, and we are following all recommended guidelines to stay healthy. As a result, our lawyers and staff are working remotely in accordance with the CDC's recommendations. We continue to work for all of our clients and are happy to arrange for phone or video consultations. We are also able to exchange documents via secure drives or email.

Please contact us online or call 866-540-5505 with any questions.

Thank you and take care.