Walgreen Co. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--()--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Northern District of Illinois against Walgreen Co. (“Walgreen”) (formerly NYSE:WAG, now trading as NASDAQ: WBA) and several officers and directors for acts taken during the period of March 25, 2014 to August 5, 2014 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Walgreen. If you are an affected Walgreen shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued statements issued false and misleading statements and/or failed to disclose material information regarding its business and prospects, including the benefits of its strategic partnership with Alliance Boots GmbH. Specifically, Walgreen publicly announced fiscal year 2016 goals of $1 billion in combined synergies and $9 to $9.5 billion in adjusted earnings before interest and taxes for the combined entity. However, Walgreen allegedly concealed a $1.8 to $2.3 billion fiscal year 2016 earnings shortfall and the reasons behind it from the investing public. According to the complaint, these statements and omissions caused Walgreen stock to trade at artificially inflated pricing during the class period. On August 4, 2014, Walgreen announced that its CFO would be resigning. Two days later, Walgreen lowered the fiscal year 2016 earnings before interest and taxes target to $7.2 billion, $1.8 billion below the low-end of the range it had previously announced to investors. Walgreen stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Contacts

The Briscoe Law Firm, PLLC
Willie Briscoe, 877-728-9607
shareholders@thebriscoelawfirm.com
or
Powers Taylor LLP
Patrick Powers, 877-728-9607
shareholder@powerstaylor.com

Release Summary

Former SEC attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Walgreen Co.

Contacts

The Briscoe Law Firm, PLLC
Willie Briscoe, 877-728-9607
shareholders@thebriscoelawfirm.com
or
Powers Taylor LLP
Patrick Powers, 877-728-9607
shareholder@powerstaylor.com