Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, reminds investors of Walgreen Co. (NYSE: WAG), a formerly publicly traded company and current subsidiary of Walgreens Boots Alliance Inc., (NASDAQGS:WBA) that held shares between March 25, 2014 and August 5, 2014 (the “Class Period”), have until June 9, 2015 to file a motion to be appointed as lead plaintiff in the securities fraud lawsuit filed in the United States District Court, Northern District of Illinois, Case No. 1:15-cv-03187.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you wish to serve as lead plaintiff, you must move the Court no later than June 9, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
According to the lawsuit, during the Class Period, Walgreens made false and misleading statements about the benefits of the Alliance Boots merger and overstated its fiscal year 2016 earnings target, which was based on the purported benefits of the corporate combination. As a result of these fraudulent statements, Walgreens’ stock traded at artificially inflated prices during the Class Period.
On August 4, 2014, the truth about Walgreens’ cover-up began to be revealed when the Company announced that its Chief Financial Officer (“CFO”), Wade Miquelon, would be resigning as CFO. Two days later, on August 6, 2014, Walgreens publicly announced that it would be reducing its 2016 forecasted pharmacy unit earnings by $1.8 billion, in part because of a decline in reimbursement rates and lower profitability from generic drugs.
As a result of this news, Walgreens’ stock price fell 14.34%, wiping out $9.4 billion of its market value. Soon therafter, the Company also announced that its Chief Executive Officer (“CEO”) would be resigning.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
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Contacts:
Craig J. Springer, Esq. 1-800-423-6013
cspringer@andrewsspringer.com
