Shareholders claim Walgreens Boots Alliance violated Securities Exchange Act

By Jenie Mallari-Torres | Nov 23, 2018

HARRISBURG — Shareholders have filed a class action lawsuit against Walgreens Boots Alliance Inc., Stefano Pessina and George R. Fairweather, a Delaware corporation and its officers, citing alleged violation of the Securities Exchange Act.

Douglas S. Chabot, Corey M. Dayton and Joel M. Kling filed a complaint individually and on behalf of all others similarly situated on Nov. 2 in the U.S. District Court for the Middle District of Pennsylvania against the defendants, alleging they breached their duties of good faith and fair dealings.

According to the complaint, the plaintiffs allege they and other class members have suffered injury from having purchased Rite Aid common stock at artificially and falsely inflated prices, as a result of the misleading statements by the defendants regarding their impending merger. 

The plaintiffs hold Walgreens Boots Alliance Inc., Stefano Pessina and George R. Fairweather responsible because the defendants allegedly failed to disclose material facts about the actual status of the merger, and induced class members to purchase stock at falsely inflated prices.

The plaintiffs request a trial by jury and seek judgment against defendants for declaratory and injunctive relief, compensatory damages, interest, attorneys’ fees, expert witness fees, and other costs, and other relief as the court may deem just. They are represented by Howard Kaufman of Kaufman, Coren & Ress PC in Philadelphia; Stuart Davidson, Mark Dearman and Christopher Gold of Robbins Geller Rudman & Dowd LLP in Boca Raton, Florida; and Randall Baron, David Wissbroecker, David Knotts and Eun Jin Lee of Robbins Geller Rudman & Dowd LLP in San Diego, California.

The U.S. District Court for the Middle District of Pennsylvania Case No. is 18-cv-02118.

Want to get notified whenever we write about Walgreens Co. ?

Sign-up Next time we write about Walgreens Co., we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Walgreens Co.

More News

The Record Network