An investigation on behalf of current long term investors in Walgreens NYSE:WAG) shares over possible breaches of fiduciary duty by certain officers and directors at Walgreens Boots Alliance Inc.
San Diego, CA -- (SBWIRE) -- 06/08/2015 -- An investigation on behalf of current long-term investors in shares of Walgreens Boots Alliance Inc (NYSE:WAG) concerning potential breaches of fiduciary duties by certain directors and officers of Walgreens Boots Alliance was announced.
Investors who are current long term investors in Walgreens Boots Alliance Inc (NYSE:WAG) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:WAG stocks follows a lawsuit filed recently against Walgreens over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:WAG stocks, concerns whether certain Walgreens officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 25, 2014 and August 5, 2014 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 and that as a result of defendants' allegedly false and misleading statements and/or omissions between March 25, 2014 and August 5, 2014, the price of Walgreen Company (NYSE:WAG)stock traded at allegedly artificially inflated prices, reaching a high of $76.08 per share.
On August 4, 2014, Walgreen Company announced the appointment of Timothy McLevish as Walgreens executive vice president and chief financial officer. Walgreen company said that McLevish succeeds Wade D. Miquelon, executive vice president, chief financial officer and president of international for Walgreens, who will continue as an advisor to assist the company with the transition as it considers the exercise of Step 2 of its strategic partnership with Alliance Boots.
On August 5, 2014, Walgreen Company said that it will announce several updates related to its strategic transaction with Alliance Boots GmbH on Wednesday, Aug. 6, followed by a conference call with Walgreens management.
On August 6, 2014, Walgreen Company announced it has exercised its option to complete the second step of its strategic transaction with Alliance Boots GmbH ahead of the original option period, which was between February and August 2015. Walgreen Company said that it seeks shareholder approval in connection with acquisition of remaining 55 percent of Alliance Boots after initial 45 percent investment completed in 2012. Shares of Walgreen Company declined from $76.08 per share in June 2014 to as low as $59.21 per share on August 6, 2014.
On September 30, 2014, Walgreen Company reported its fiscal 2014 fourth quarter and full-year results. Walgreen Company reported that its Total Revenue rose from over $72.21 billion for the 12 months period that ended on August 31, 2013 to over $76.39 billion for the 12 months period that ended on August 31, 2014 while its Net Income for those respective time periods declined from $2.45 billion to over $1.93 billion.
On December 10, 2014, Walgreen Company announced that Greg Wasson, president and chief executive officer, has informed Walgreen Company's board of directors that he will retire shortly after the close of the second step of the Alliance Boots transaction.
Shares of Walgreens Boots Alliance Inc (NYSE:WAG) shares closed on May 29, 2015 at $76.34 per share.
Those who purchased shares of Walgreen Company (NYSE:WAG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego