NEW YORK, Apr. 17, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed on behalf of all persons or entities that purchased the securities of Walgreen Co., a formerly publicly traded company and current subsidiary of Walgreens Boots Alliance Inc., (NYSE: WBA ) (“Walgreens” or the “Company”) in the United States District Court for the Northern District of Illinois. The class period is between March 25, 2014 and August 5, 2014, inclusive (the “Class Period”).
Wolf Haldenstein encourages all shareholders who suffered losses greater than $100,000 on Walgreens securities purchased within the Class Period to contact us immediately at (800) 575-0735 or email classmember@whafh.com .
The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding Walgreens’ business and prospects, including the purported benefits of Walgreens’ strategic partnership with Alliance Boots GmbH. Specifically, 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 and 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 Walgreens stock traded at artificially inflated prices, reaching a high of $76.08 per share.
On August 4, 2014, Walgreens announced that its CFO, defendant Wade Miquelon, would be resigning. Two days later, on August 6, 2014, 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 that they had previously announced to investors. Following these disclosures, Walgreens’ 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 over 14% on volume of more than 84 million shares traded.
If you purchased Walgreens securities during the Class Period, you may, no later than June 9, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the “Walgreens Investigation.”
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CONTACT: Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
