UPDATE: November 20, 2015
Prescott Lovern, Sr. now has documented evidence Rite Aid’s legal department is aiding and abetting Walgreen’s illegal conduct connected to the merger. Rite Aid management is trying to hide the fact Walgreen’s is facing potential bankruptcy based on illegal terms & conditions with their customers that can result in statutory fines far greater than their total assets.
NOVEMBER 5, 2015
Prescott Lovern, Sr. (Lovern) has standing in the nationwide contaminated moist wipes matter that developed summer of 2014 that includes Walgreen’s. Lovern has the legal right to file a private attorney general (PAG) lawsuit that can cost Walgreen’s billions, regardless of pending class actions and their outcome that he is not involved in.
More important, it is Lovern’s opinion that Walgreen’s has committed massive securities / wire fraud in the last year based on evidence in his possession, including SEC filings connected to the Rite Aid merger.
When Lovern confronted Rite Aid they immediately retained Pepper Hamilton law firm, however, Rite Aid, nor its executives or lawyers, have done anything required of Rite Aid legally to protect Rite Aid shareholders. Walgreen’s executives / lawyers have completely ignored all of this.
It’s Lovern’s opinion that both companies seem to think they are immune from any PAG shareholder lawsuit in state court based on state law because of Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, 547 U.S. 71 (2006) & SLUSA, but, Lovern claims PAG lawsuits are not prohibited by SLUSA based on several U.S. Supreme Court opinions post Dabit that deal with class action, PAG actions, and SLUSA; plus, the legislative intent of SLUSA. It’s Lovern’s opinion that his evidence can bankrupt Walgreen’s pre or post merger with one PAG shareholder lawsuit that carries statutory fines, yet no proof of damage, no certification of class, and no proof anyone was misled requirements.
RITE AID executives are trying to protect their “GOLDEN PARACHUTES.”
RITE AID SHAREHOLDERS BEWARE – WALGREEN’S SHAREHOLDERS WAKE-UP.