An investigation on behalf of investors in NASDAQ:WBA shares over potential wrongdoing at Walgreens Boots Alliance was announced and NASDAQ:WBA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/22/2016 -- An investigation on behalf of investors in shares of Walgreens Boots Alliance Inc (NASDAQ:WBA) was announced over potential breaches of fiduciary duties by certain directors at Walgreens Boots Alliance in connection with the Company's partnership with and investment in Theranos Inc.
Investors who purchased shares of Walgreens Boots Alliance Inc (NASDAQ:WBA) and currently hold any of those NASDAQ:WBA shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Walgreens Boots Alliance directors breached their fiduciary duties and caused damage to the company and its shareholders.
In late October 2015 it was reported Walgreens suspended their expansion plans to roll out new Theranos's blood-testing services in their stores until Theranos Inc resolves questions about its technology.
In November 2015 it was reported that Safeway and Theranos Inc are dissolving an agreement dating back to 2011, in which Theranos would provide blood-testing services through Safeway-installed clinics. Safeway Inc. spent about $350 million to build clinics in more than 800 of its supermarkets to offer blood tests by startup Theranos Inc. But the clinics are now used largely for flu shots and travel-related vaccines.
On December 20 2015, it was reported that U.S. health regulators are investigating complaints about laboratory and research practices at Theranos Inc. by two former Theranos employees.
On April 13, 2016, it was reported that "federal health regulators have proposed banning Theranos Inc. founder Elizabeth Holmes from the blood-testing business for at least two years after concluding that the company failed to fix what regulators have called major problems at its laboratory in California." Among other things, the regulators "found that Theranos failed to adequately correct 43 of 45 deficiencies identified by inspectors last year."
On April 18, 2016, it was reported that federal prosecutors, with assistance from the FBI, had launched a criminal investigation "into whether Theranos Inc. misled investors about the state of its technology and operations." As detailed in the article, federal officials requested information about Theranos in January and February, and followed those requests with "grand-jury subpoenas from a federal court in San Francisco in March." In addition to the criminal probe, the article also reported that the SEC was "examining whether Theranos made deceptive statements to investors when it solicited funding."
On June 12, 2016, Walgreens Boots Alliance announced that it had informed Theranos that it will be terminating its relationship and closing operations at all 40 Theranos Wellness Centers at its stores in Arizona, effective immediately.
On June 21, 2016, NASDAQ:WBA shares closed at $83.20 per share.
Those who purchased shares of Walgreens Boots Alliance Inc have certain options and should contact the Shareholders Foundation.
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