Overconfident statements Walgreens officials made as its proposed merger with Rite Aid began to show signs of crumbling possibly misled shareholders, a federal judge has ruled in declining to dismiss a shareholder class action suit against the pharmacy company.
U.S. District Judge John Jones of the Middle District of Pennsylvania on Wednesday denied Walgreens’ motion to dismiss Hering v. Rite Aid. The lawsuit was filed over allegedly false and misleading statements both Walgreens and Rite Aid made to shareholders while the two companies attempted to work out a merger.
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