NEW YORK, June 16, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Walgreens Boots Alliance, Inc. ("Walgreens" or the "Company") (WBA).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties in connection with the Company's partnership with and investment in Theranos Inc. ("Theranos"). On May 25, 2016, The Wall Street Journal reported that "Walgreens wound up making a deal [with Theranos] that included plans to put Theranos blood-testing centers in thousands of its drugstores across the U.S. despite never fully validating the startup's technology or thoroughly evaluating its capabilities." According to The Wall Street Journal, prior to announcing the deal with Theranos in September 2013, some Walgreens executives and outside advisers had doubts about Theranos and its technology. Despite these doubts, however, Walgreens moved forward with the deal partly because "executives worried Theranos would choose a different drugstore chain as a partner if they pressed Ms. Holmes too hard." Additionally, The New York Times reported that "Walgreens was so eager to cement the relationship that it lent Theranos money, acquired warrants to buy Theranos stock and skipped its usual due diligence when evaluating a pharmacy partner." In a press release filed by the Company on June 12, 2016, Walgreens announced that it had informed Theranos that it will be terminating its relationship and closing operations at all 40 Theranos Wellness Centers at its stores in Arizona, effective immediately.
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If you currently own Walgreens stock and would like to discuss your legal rights, please visit www.faruqilaw.com/WBA. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Walgreens' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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