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Walgreens Boots to pay $34.5 million penalty to SEC

Walgreens Boots Alliance has reached a settlement with the Securities and Exchange Commission regarding allegations that two of the chain’s former executives misled investors.

The SEC charged Gregory Wasson, the former CEO of Walgreens, and Wade Miquelon, former CFO, with misleading investors after the chain’s merger with Alliance Boots by publicly reaffirming earnings forecasts while internal forecasts suggested that the risk of missing the target had increased significantly.

The SEC said Greg Wasson, former CEO, and Wade Miquelon, former CFO, acted "negligently" when giving financial forecasts in June, October and December 2013 and March 2014 during earnings calls, reported CNBC.

Wasson and Miquelon will each pay a $160,000 fine, and Walgreens Boots Alliance will pay a $34.5 million penalty. In the settlement, Walgreens and the executives neither did not admit nor deny the allegations.

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