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July 15, 2024, 9:39 AM CDT
Walgreens Sued Over Revenue Shortfall, Steepest-Ever Stock Drop

Walgreens Boots Alliance Inc. misrepresented its expectations about its pharmacy division’s growth and revenue before a disappointing recent financial report that sent the retailer’s stock price into a 22% tailspin, an investor alleges.

The June 27 decline was the steepest percentage loss in a company stock trading history going back to 1980, according to data compiled by Bloomberg. The stock price fell from $15.66 to $12.19 per share.

Walgreens and its top leadership concealed facts about the state of its pharmacy division—"notably, that it was not truly equipped to handle the ongoing challenges in its industry.

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4 replies (most recent on top)

Not a fan of Walgreens but wouldn't this be a hard one to prove? Part of leadership's job is to be a cheerleader for the company, stating how wonderful things are and what a bright future the company has. Even now, the current CEO, though sincere in his efforts to right the ship, has to speak to investors and employees with a straight face and say what a trusted brand Walgreens is and how it truly cares about its customers and employees. Only a handful of Kool-aid drinkers would actually believe that. Investors have to do their due diligence. Aside from falsifying financial statements which would result in criminal charges, future growth is just a projection and is uncertain at best. It will be interesting to see how this plays out.

https://news.bloomberglaw.com/securities-law/walgreens-sued-over-revenue-shortfall-steepest-ever-stock-drop

These clowns are now getting sued right and left all because of their own stupidity

Yayyyyyy!!!! So happy that they laid me off this January, worked there for 6+years, got all my stocks vested + a severance. So glad!

Thread regarding Walgreens layoffs

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