Former Walgreen Co. CFO Wade Miquelon has filed a defamation lawsuit against the company alleging he was defamed by comments made by a Walgreen executive and representative as well as a report that suggested he was "personally responsible" for the company's earnings forecast errors, according to a Chicago Tribune report.
In April, Mr. Miquelon projected Walgreen's pharmacy-unit earnings, before interest and taxes, would be $8.5 billion for fiscal year 2016, which was based partly on contracts to sell drugs under Medicare. However, in July, he decreased his forecast due to a $1.1 billion forecasting error for the company's Medicare-related business.
In his lawsuit, Mr. Miquelon alleges there was a defamatory article published by the Wall Street Journal in August, which reported he and President of Pharmacy, Health and Wellness Kermit Crawford were stepping down following the forecasting error, which made it appear Mr. Miquelon was the party responsible for the mistake. The lawsuit also referenced an "even more defamatory" article that was published on Sept. 30, according to the report.
Although the articles made it appear Mr. Miquelon was responsible for the forecasting error and was forced to step down, he claims he decided to pursue other career opportunities and leaving Walgreen was a personal choice.
In his lawsuit, Mr. Miquelon also claims Walgreen CEO Gregory Wasson and Stefano Pessina, the company's largest shareholder, defamed him by making false comments about him to investors, according to the report.
Mr. Miquelon claims the allegedly defamatory reports and comments have negatively affected his career opportunities.
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