Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Walgreens Boots Alliance, Inc. (WBA)

Globe Newswire 15-Jul-2024 12:26 PM

NEW YORK, July 15, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons and entities who purchased securities of Walgreens Boots Alliance, Inc. ("Walgreens" or the "Company") (NASDAQ:WBA) between October 12, 2023 and June 26, 2024, inclusive (the "Class Period").

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants created the false impression that they possessed reliable information pertaining to Walgreens' projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations; and (ii) Walgreens' pharmacy division was not equipped to handle the ongoing challenges in Walgreens' industry and would require significant restructuring to create a sustainable model.

The Complaint further alleges that on June 27, 2024, Walgreens announced third quarter 2024 results below expectations and lowered fiscal year 2024 projections. The Complaint also alleges that Walgreens' CEO, Timothy C. Wentworth, noted that Walgreens continues "to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins." On this news, the price of Walgreens stock fell more than 22%.

Investors who purchased or otherwise acquired shares of Walgreens should contact the Firm prior to the September 10, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.