Walgreens Co. owns a large chain of pharmacy stores in in the United States. It specializes in filling prescriptions, health and wellness products, health information, and photo services.

According to the law firm press release, the lawsuit 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 June 16, 2015, the Court issued an Order appointing Lead Plaintiff and Counsel. On August 17, Lead Plaintiff filed a consolidated Complaint. Defendants filed a Motion to Dismiss the consolidated Complaint on October 16. On September 30, 2016, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on April 21, 2017. On March 29, 2018, the Court issued an Order granting Plaintiff's motion for class certification.

On February 19, 2019, Defendants filed a Motion to Dismiss for failure to state a claim. On September 23, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Defendants filed a Motion for Summary Judgment on March 5, 2021. On November 2, the Court issued an Order granting in part and denying in part Defendants' Motion for Summary Judgment.

On June 23, 2022, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on June 29. On October 13, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.