×
Search

866-540-5505

Se Habla Espanol
Menu
Search

Our Blog

Home/Blog/Walgreens Settles Class Action Lawsuit for $105 Million

Walgreens Settles Class Action Lawsuit for $105 Million

On October 13, 2022, the Honorable Sharon Coleman of the United States District Court for the Northern District of Illinois approved a $105 million settlement (“Settlement”) of a securities fraud class action against Walgreens and two former Walgreens executives (collectively, “Defendants”). Plaintiffs originally filed the lawsuit in 2015, alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making misleading statements regarding Walgreens’ acquisition of Alliance Boots GmbH, a Swiss pharmaceutical health and beauty company.

Walgreens Boots Alliance, Inc. is a retail pharmacy company, headquartered in Deerfield, Illinois. Plaintiffs alleged that in order to receive shareholder approval for the acquisition at issue in the lawsuit, Walgreens made overinflated public statements about its future guidance and concealed negative information regarding drug prices and reimbursement rates. The class is led by Industriens Pensionsforsikring A/S, a Danish pension fund, and represented by the law firms of Kessler Topaz Meltzer & Check LLP and Robbins Geller Rudman & Dowd LLP. Walgreens was represented by Sidley Austin LLP.

The Settlement class includes all persons and entities who purchased or otherwise acquired Walgreens common stock between April 17, 2014, and August 5, 2014, inclusive. Defendants do not admit to any wrongdoing but chose to settle the case “solely to avoid the continued distraction and expense of litigation, and [Walgreens] is pleased to put this matter behind it.” Counsel for the Lead Plaintiff explained their rationale for accepting the Settlement, stating that it “provides an excellent benefit to the Class given the significant risks, costs, and delays attendant to proving liability and damages at trial and a likely resulting appeal.” The Settlement amount was favorable for Plaintiffs and represented approximately 9.5% of the Class’s estimated maximum damages. Plaintiffs’ Counsel was awarded attorneys’ fees in the amount of 27.5% of the Settlement Fund, or $28,875,000.

The case is Washtenaw County Employees’ Retirement System et al. v. Walgreen Co. et al., case number 1:15-cv-03187, in the U.S. District Court for the Northern District of Illinois.

The legal team at Miller Shah LLP has extensive experience with securities regulation and class actions. If you have any questions regarding this subject or this post, please contact Jonathan Dilger (jadilger@millershah.com) or Nicholas Ono (nkono@millershah.com). The Firm can also be reached toll-free at (866) 540-5505.

Miller Shah LLP is a law firm with offices in California, Connecticut, Florida, New Jersey, New York, and Pennsylvania. The firm is an active member of International Advisory Group (IAG Global), which provides clients access to excellent legal and accounting resources across the globe. For more information about the firm, please visit www.millershah.com.

Share Post:
facebooktwitterLinkedin

Categories

Archives

Contact
Miller Shah LLP

While this website provides general information, it does not constitute legal advice. The best way to get guidance on your specific legal issue is to contact a lawyer. To schedule a meeting with an attorney, please call 866-540-5505 or complete the intake form to email us.
Alec J. Berin - Associate

PA Philadelphia | 866-540-5505

Alfonso Vilaboa - Of Counsel

NJ Hoboken |

Anika S. Keuning - Project Analyst

CA San Diego | 866-540-5505

Anna D’Agostino - Associate

NY New York City | 866-540-5505

Betsy Ferling-Hitriz - Legal Assistant

CT Chester | 866-540-5505

Bruce D. Parke - Partners

PA Philadelphia | 866-540-5505

Caroline Soper - Project Analyst

NY New York City | 866-540-5505

Christopher A. Miller - Associate

PA Philadelphia | 866-540-5505

Deborah C. England - Of Counsel

CA San Francisco | 866-540-5505

Edward H. Glenn - Of Counsel

NY New York City | 866-540-5505

Edward M. Fitzgerald - Staff Attorney

CA Los Angeles | 866-540-5505

Elena M. DiBattista - Legal Assistant

FL Fort Lauderdale | 866-540-5505

Elise M. Wilson - Project Analyst

NY New York City | 866-540-5505

Eric L. Young - Of Counsel

PA Philadelphia | 866-540-5505

Finn M. Mutrux - Office Staff

CA Los Angeles | 866-540-5505

Gina S. Demetriades - Office Staff

CT Chester | 866-540-5505

Heidi A. Wendel - Of Counsel

NY New York City | 866-540-5505

James C. Shah - Partners

CA Los Angeles | 866-540-5505

James E. Miller - Partners

CT Chester | 866-540-5505

Jayne A. Goldstein - Partners

FL Fort Lauderdale | 866-540-5505

Jillian M. Boyce - Office Staff

CT Chester | 866-540-5505

Jocelyn McNamara - Project Analyst

NY New York City | 866-540-5505

Johanna C. Richter - Law Clerk

PA Philadelphia | 866-540-5505

John C. Roberts - Associate

PA Philadelphia | 866-540-5505

Jonathan Dilger - Office Staff

NY New York City | 866-540-5505

Julie M. Capito - Legal Assistant

CA San Francisco | 866-540-5505

Katie Edwards - Legal Assistant

PA Philadelphia | 866-540-5505

Kolin C. Tang - Partners

CA San Diego | 866-540-5505

Laurie Rubinow - Partners

CT Chester | 866-540-5505

Madison Gregg - Associate

NY New York City | 866-540-5505

Marialisa Samo - Legal Assistant

CA San Diego | 866-540-5505

Mark Xiao - Associate

NY New York City | 866-540-5505

Natalie Finkelman Bennett - Partners

PA Philadelphia | 866-540-5505

Nathan C. Zipperian - Partners

FL Fort Lauderdale | 866-540-5505

Nicholas Day - Of Counsel

NJ Hoboken | 866-540-5505

Nicholas K. Ono - Project Analyst

NY New York City | 866-540-5505

Raffaele Scalcione - Of Counsel

IT Milan | 866-540-5505

Reilly K. Powers - Project Analyst

PA Philadelphia | 866-540-5505

Robert W. Biela - Staff Attorney

PA Philadelphia | 866-540-5505

Ronald S. Kravitz - Of Counsel

CA San Francisco | 866-540-5505

Rrita Osmani - Project Analyst

CT Chester | 866-540-5505

Shuping Li - Project Analyst

NY New York City | 866-540-5505

Stephen T. Rutkowski - Law Clerk

CT Chester | 866-540-5505

Sue Moss - Legal Assistant

PA Philadelphia | 866-540-5505

Sydney D. Finlay - Associate

CA San Diego | 866-540-5505

Tina Moukoulis - Staff Attorney

PA Philadelphia | 866-540-5505