Walgreens to Pay $34.5 Million Over Misleading Earnings Forecast
- SEC cites failure to disclose risk shown in internal forecasts
- Former top executives also agreed to pay fines in settlement
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Walgreens Boots Alliance Inc. will pay more than $34 million to resolve U.S. Securities and Exchange Commission claims that the company’s senior leadership failed to adequately disclose risks regarding its ability to reach earnings goals.
The company, former Chief Executive Officer Gregory Wasson and former Chief Financial Officer Wade Miquelon misled investors about increased risk that Walgreens would miss a key financial target that was announced in 2012 when the drugstore chain said it would merge with Alliance Boots, the SEC said in a statement Friday.