A class action lawsuit was filed against Walgreens Boots Alliance by investors who were negatively affected by alleged securities fraud.
The class action suit, handled by the Levi and Kosinsky law firm, was filed on behalf of stakeholders who incurred losses on shares between Oct. 12, 2023 and June 26, 2024, after the company reduced its revenue guidance for the fourth quarter of 2024 on June 27, according to a July 31 release from the firm. After the suit was filed, Walgreens' stock price dropped by more than 20% from the previous day.
The release quoted Walgreens attributing its financial results and lowered guidance on "significant challenges in the U.S. Retail Pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends."