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Allegations
According to the complaint, on June 27, 2024, Walgreens announced 3Q24 financial results and reduced its revenue guidance for the fourth quarter and full fiscal year 2024. The Company attributed its results and lowered guidance on the “significant challenges in the U.S. Retail Pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends.”
Following this news, Walgreens stock began trading more than 20% lower than the previous day’s closing price of $15.65 per share.