Walgreens Sued Over Revenue Shortfall, Steepest-Ever Stock Drop

Walgreens Boots Alliance Inc. misrepresented its expectations about its pharmacy division’s growth and revenue before a disappointing recent financial report that sent the retailer’s stock price into a 22% tailspin, an investor alleges.

The June 27 decline was the steepest percentage loss in a company stock trading history going back to 1980, according to data compiled by Bloomberg. The stock price fell from $15.66 to $12.19 per share.

Walgreens and its top leadership concealed facts about the state of its pharmacy division—"notably, that it was not truly equipped to handle the ongoing challenges in its industry and that Walgreens would ...