Walgreens Boots Alliance Inc. was sued by a pension fund claiming the biggest U.S. pharmacy chain exaggerated the benefits of a 2014 merger with a European retailer that helped it build a global business. Those and other misstatements last year artificially pumped up the value of shares last year while concealing an earnings shortfall of $1.8 billion to $2.3 billion in fiscal 2016, according to a securities-fraud complaint filed April 10 by the Washtenaw County, Michigan, employees' pension plan.
Leading branded footwear company Wolverine Worldwide is eyeing 2015 as a year to focus on omnichannel and expansion. The parent company of Stride Rite, Merrell and other brands says it's poised to realign its resources to address a fundamental shift in consumer shopping behavior and allow for greater focus on important omnichannel initiatives. The Michigan-based company also said that its fourth quarter net income rose as sales climbed in every region except North America.
Wal-Mart was ordered by a federal judge in Arkansas to face a pension fund's claims the retailer defrauded shareholders by concealing corruption tied to bribes allegedly paid by officials of its Mexican unit. U.S. District Judge Susan Hickey in Fayetteville rejected Wal-Mart's bid to throw out the Michigan-based fund's lawsuit accusing it of making misleading statements to regulators about claims it paid bribes to facilitate Mexican real estate deals. Wal-Mart said it's spent $439 million since 2012 in connection with investigations into allegations that employees paid bribes in Mexico, China, India and Brazil.
A federal judge has ruled against an online￼ retailer that tried to force a Utah couple to pay $3,500 over a critical online review. U.S. District Judge Dee Benson entered a default judgment on April 30 in favor of John and Jen Palmer of Layton after KlearGear.com failed to respond to the couple's lawsuit. Benson ruled the Palmers owe nothing to KlearGear.com, but the gadget retailer owes them a sum to be determined at a court hearing in June, the Salt Lake Tribune reported.
Amazon adds delivery of wine shipped directly from wineries to four states SEATTLE--(BUSINESS WIRE)--Oct. 17, 2013-- Just in time for the holiday season, Amazon.com (NASDAQ: AMZN) today announced...