SAN DIEGO, Feb. 13, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired Walgreens Boots Alliance, Inc. (NASDAQ: WBA) (“Walgreens” or the “Company”) securities between April 2, 2020 through January 16, 2025 (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
Walgreens investors have until March 31, 2025 to seek appointment as lead plaintiff of the Walgreens class action lawsuit.
If you purchased or acquired Walgreens securities between April 2, 2020 through January 16, 2025, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/walgreens-3/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Walgreens is one of the largest pharmacy chains in the United States with over 8,000 pharmacies across the country.
The Walgreens lawsuit alleges Defendants misrepresented the Company’s commitment to regulatory compliance. For example, Walgreens told investors it had “policies and guidelines designed to deter wrongdoing and to promote honest and ethical conduct.” However, in truth. Walgreens engaged in widespread violations of federal law governing the dispensation and reimbursement of prescription medication, including with respect to opioids.
The truth was revealed on January 17, 2025, when the U.S. Department of Justice (“DOJ”) announced it filed a lawsuit against the Company alleging Walgreens dispensed millions of unlawful prescriptions in violation of the Controlled Substances Act and then sought reimbursement for many of these prescriptions from various federal health care programs in violation the False Claims Act.
According to the government’s complaint, Walgreens pharmacists filled millions of controlled substance prescriptions with clear red flags that indicated the prescriptions were highly likely to be unlawful, and that Walgreens systematically pressured its pharmacists to fill prescriptions, including controlled substance prescriptions, without taking the time needed to confirm their validity. These practices allowed millions of opioid pills and other controlled substances to flow illegally out of Walgreens stores. In addition, the DOJ complaint expressly alleged that Walgreens was “aware of its obligation to exercise corresponding responsibility” and that its business practices were at odds with earlier commitments to “implement or maintain a variety of compliance measures moving forward.”
Following the DOJ’s announcement, the price of Walgreens stock fell $1.56 per share, or more than 12%, over the following two trading sessions, to close at $11.37 per share on January 21, 2025.
About DiCello Levitt
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