Judge: Lead Plaintiff Lacks Standing To Bring Securities Suit Against Walgreens

Mealey's (October 26, 2018, 2:20 PM EDT) -- HARRISBURG, Pa. — A federal judge in Pennsylvania on Oct. 24 ruled that a lead plaintiff in a securities class action pertaining to the failed merger between Rite Aid and Walgreens drug stores lacks standing to bring federal securities law claims on behalf of a class of investors because his last purchase of Rite Aid stock occurred before Walgreens’ first actionable misstatement or omission (Jerry Hering v. Walgreens Boots Alliance Inc., No. 15-2440, M.D. Pa., 2018 U.S. Dist. LEXIS 182177)....