Walgreens Faces Class-Action Suit
New York City Law firm Coughlin Stoia Geller Rudman & Robbins filed a class-action suit on Thursday against Walgreen Co. in the Northern District Court of Illinois.
The claim, filed on behalf of purchasers of Walgreen stock between June 25, and Nov. 29, 2007, alleges that Walgreen Co. and certain Walgreen officers and directors violated the Securities Exchange Act.
According to the suit, Walgreen did not disclose the declining growth rate in its prescription sales or a dispute that was underway with CVS Caremark, which was negatively impacting Walgreen earnings.
The price of Walgreen stock dropped significantly after the company reported its fourth-quarter financial results on Oct. 1, 2007. Stock values declined again on Nov. 30 following an announcement that Walgreen had withdrawn as a pharmacy provider from the CVS Caremark third-party prescription plan.
Nickelodeon names creative head
NEW YORK Nickelodeon/MTVN Kids and Family Group has named Gary Bonilla to the new position of senior vp of creative strategy for Nickelodeon/MTVN Kids and Family Group. Bonilla’s primary responsibilities include managing the creative development for Nickelodeon’s consumer products business, developing strategies around consumer experiences and ensuring the network’s branded consumer product offerings exemplify the Nickelodeon brand.
“Gary comes to Nickelodeon with more than 15 years of advertising and branding experience in multicultural and international markets,” said Leigh Ann Brodsky, president of Nickelodeon and Viacom Consumer Products. “His strong background makes him a perfect addition to our leadership team as we take the Nick Brand to new global heights over the next few years.”
Most recently, as the vp of strategic services at Winglatino/WWP, a multi-cultural advertising agency, Bonilla developed and executed plans for: Procter & Gamble, DIAGEO and Goya. Bonilla also designed the first-ever online consumer panels created to understand the influence of ethnic markets in the general U.S. population. His work and collaborations have received awards and nominations in advertising festivals worldwide including Cannes, The London Ad Festival and FIAP.
Rao joins New York & Co. design team
NEW YORK New York & Company has announced that Marie Holman Rao will serve as a creative consultant to the design team effective April 22. In addition, the company indicated that Marie Fogel has resigned as evp of design – apparel to pursue other interests.
Richard Crystal, New York & Company’s chairman and ceo, stated: “I am delighted that Marie Holman Rao has agreed to serve as a creative design consultant to our Company. Rao formerly was president of limited design services and prior to that was president of Banana Republic, a division of Gap Inc.”