According to the press release, the class action, filed in United States District Court, Northern District of Illinois, is on behalf of a class consisting of all persons or entities who held shares of Walgreen on November 17, 2014, and arises from material misstatements and omissions in proxy communications with respect to (a) a proposed share issuance by Walgreen to Alliance Boots GmbH ("Alliance Boots") shareholders and (b) a corporate reorganization of Walgreen. This action asserts claims under Section 14(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. # 78n(a), and Rule 14a-9, 17 C.F.R. # 240.14a-9, promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), which claims seek redress on the basis of negligence and do not sound in fraud. This action also asserts separate claims under Section 20(a) of the Exchange Act. Additionally, the class action asserts state law fiduciary duty violations relating to the same alleged misstatements and omissions by the Defendants.
On July 2, 2015, the parties filed a Stipulation of Settlement. The Settlement was preliminarily approved on July 14. The Settlement was granted final approval and this case was dismissed on November 20. A Notice of Appeal of this final order was filed on December 17.
On September 1, 2016, the Court of Appeals issued a Judgment reversing the District Court's judgment and remanding for further proceedings.