WBA.US
id: 316
Walgreen (WBA) $105 Million Shareholder Settlement
Late claims are being considered for compensation, subject to approval.
N.D. Illinois
Court1:15-cv-3187
Case number04/17/2014
Class period Start08/05/2014
Class period End11/05/2022
Claim deadlineWalgreens (WBA) paid $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.
- Walgreens 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 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.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.72
Plaintiffs
Washtenaw County Employees’ Retirement System
Attorneys
Kessler Topaz Meltzer & Check LLP (California), Robbins Geller Rudman & Dowd LLP
Judge
Hon. Sharon Johnson Coleman
Administrator
A.B. Data Ltd
Court hearing date
10/07/2022
Trades matching type
FIFO
+$105,000,000
Cash Settlement Amount