Walgreens Boots Alliance Inc. has agreed to pay $34.5 million as part of a settlement with the Securities and Exchange Commission over allegations that former executives misled investors.
The SEC said it charged Gregory Wasson and Wade Miquelon, the company’s former chief executive and chief financial officer, with misleading investors regarding whether the company would hit a financial target in 2016.
According to the SEC, Walgreens said in 2012 that once it merged with Alliance Boots GmbH it would have between $9 billion and $9.5 billion in adjusted operating income for the 2016 fiscal year. Walgreens ultimately found out, however, that it was more likely to miss that target, which Messrs. Wasson and Miquelon didn’t tell investors, the SEC said.
Walgreens said in its own announcement about the settlement Friday that the SEC took issue with statements on earnings calls that took place in June, October and December of 2013 and in March of 2014.
Walgreens said it doesn’t admit or deny the allegations.
Messrs. Wasson and Miquelon are both required to pay a $160,000 penalty as part of the SEC order, the regulator said. Representatives for both former executives couldn’t immediately be reached for comment.
Mr. Wasson had announced he would retire after Walgreens and Alliance Boots merged. Mr. Miquelon left his job as CFO in August of 2014.
Shares of Walgreens fell 0.8% Friday.
Write to Allison Prang at allison.prang@wsj.com