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Walgreens Investors Say Retailer Overstated Boots Benefits

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Walgreens Boots Alliance Inc. was sued by a pension fund claiming the biggest U.S. pharmacy chain exaggerated the benefits of a 2014 merger with a European retailer that helped it build a global business.

Those and other misstatements last year artificially pumped up the value of shares last year while concealing an earnings shortfall of $1.8 billion to $2.3 billion in fiscal 2016, according to a securities-fraud complaint filed April 10 by the Washtenaw County, Michigan, employees’ pension plan.