Walgreens sued by shareholder amid plummeting stock price

Walgreens is being sued by a shareholder who claims the firm’s C-suite and board members overstated the potential revenue of the company’s pharmacy division for FY 2024. Mark Tobias is demanding damages for alleged corporate governance lapses, accusing executives of inflating stock prices by exaggerating the firm’s operational capabilities amid a challenging market environment for pharmacies. Tobias is advocating for improved corporate governance via increased board oversight. The lawsuit accuses the company of spending $31.5m buying back shares at an inflated price.