Walgreen Sued For Alleged Securities Fraud

Law360 (April 17, 2008, 12:00 AM EDT) -- Drugstore chain operator Walgreen Co. and two of its officers were hit with a proposed class action on Wednesday, alleging that the company artificially inflated stock prices last year, misleading investors and causing them to suffer losses when the company's true financial condition was revealed.

The proposed class would include all purchasers of Walgreen's common stock between June 25, 2007 and Nov. 29, 2007, which possibly comprises “hundreds or thousands” of members, according to the complaint.

The suit alleges that during the class period, Walgreen issued...
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