The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Walgreens Boots Alliance, Inc. (WBA) Investors

Business Wire 22-Jul-2024 12:08 PM

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Walgreens Boots Alliance, Inc. ("Walgreens" or the "Company") (NASDAQ:WBA) securities between October 12, 2023 to June 26, 2024, inclusive (the "Class Period"). Walgreens investors have until September 10, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On June 27, 2024, Walgreens released its third quarter 2024 financial results and reduced its revenue guidance for the fourth quarter and full fiscal year 2024 due to "significant challenges in the U.S. Retail Pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends."

On this news, Walgreens' stock price fell $3.47, or 22.2%, to close at $12.19 per share on June 27, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company's pharmacy division was not equipped to handle the ongoing challenges in its industry and would require significant restructuring to create a sustainable model; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Walgreens securities during the Class Period, you may move the Court no later than September 10, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Walgreens securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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