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id: 316, Created by Stan Vick Chase, Scout
Walgreens Boots Alliance Inc
17 April 2014Class period Start
05 August 2014Class period End
05 November 2022Claim deadline
Washtenaw County Employees’ Retirement System v. Walgreen Co. et al.
Walgreen Co agreed to pay $105 million to settle a securities class action lawsuit accusing the Company of deceiving investors about business prospects.
The original complaint alleged that:
- the Company issued false and misleading statements and/or failed to disclose material information regarding Walgreens’ business and prospects, including the purported benefits of Walgreens’ strategic partnership with Alliance Boots GmbH.
- Walgreen publicly announced goals for the fiscal year 2016 of $1 billion in combined synergies and $9 to $9.5 billion in adjusted EBIT for the combined entity but concealed a $1.8 to $2.3 billion the fiscal year 2016 earnings shortfall and the reasons for the shortfall from the investing public.
As a result, the price of Walgreens stock traded at artificially inflated prices.
After several years of court proceedings, Walgreen agreed to settle with investors to avoid further litigation.
Washtenaw County Employees’ Retirement System
Kessler Topaz Meltzer & Check LLP (California), Robbins Geller Rudman & Dowd LLP
Northern District of Illinois
Hon. Sharon Johnson Coleman
A.B. Data Ltd
Court hearing date
07 October 2022
+$105,000,000Total Settlement Amount