Reported about 1 month ago
Walgreens and its executives are being sued for allegedly misleading shareholders about the company's financial prospects, particularly concerning its pharmacy business. The lawsuit claims CEO Tim Wentworth and CFO Manmohan Mahajan inflated revenue expectations for the fiscal year 2024, leading to an artificial stock price increase. Following a significant earnings guidance cut in June 2024, Walgreens' stock plummeted over 22%, prompting the legal action which seeks damages and improved corporate governance.
Source: YAHOO