The Complaint alleges that Walgreens Boots Alliance, Inc., Fred's Inc. and certain of their respective officers issued false and misleading statements and/or failed to disclose, among other things, the level of regulatory risk faced by the original and revised mergers pursuant to which Walgreens would acquire Rite Aid Corp. Walgreens and Rite Aid had entered into an agreement with Fred's to sell 865 Rite Aid stores for $950 million in an all-cash transaction in order to complete the Original Merger (the "Fred's Asset Purchase Agreement"). On January 30, 2017, Rite Aid and Walgreens announced that they had entered into a new merger agreement (the "Revised Merger"). On June 29, 2017, Rite Aid and Walgreens announced that they had terminated the Revised Merger. Following the termination of the Revised Merger, Walgreens terminated the Fred's Asset Purchase Agreement.

On September 13, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel and staying the claims against Fred's Inc. due to a bankruptcy petition. On November 4, Lead Plaintiffs filed an amended Complaint.