According to the Complaint, Walgreens Boots Alliance, Inc. ("Walgreens") is a global pharmacy-led health and well-being enterprise that was created through the combination of Walgreens and Alliance Boots in December 2014.
The Complaint alleges that from October 20, 2016 to June 28, 2017, Defendants made numerous false and misleading statements concerning the level of regulatory risk faced by the Original Merger, in which Walgreens would acquire Rite Aid for $9.00 per share in cash and the Revised Merger, in which Walgreens would acquire Rite Aid for between $6.50 and $7.00 per share in cash. The Complaint alleges that Defendants made false and misleading statements: (i) downplaying or disputing contrary reports from journalists signaling regulatory turbulence; and (ii) representing that inside knowledge of the FTC gave confidence that the deal would close.
On November 16, 2018, the Court issued an Order appointing Lead Plaintiffs. Defendants filed a Motion to Dismiss the Complaint on December 26. On April 15, 2019, the Court issued an Order denying Defendants' Motion to Dismiss the Complaint. On July 26, Plaintiffs filed a Motion for Class Certification. On January 21, 2020, the Court issued an Order granting the Motion for Class Certification.
Defendants filed a Motion for summary judgment on January 24, 2022. On March 31, 2023, the Court issued an Order denying Defendants' summary judgment motion.
On October 18, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on October 23.