CASES
Omnicare, Inc.
Class Period: Jan 10, 2007 to Aug 5, 2010
Lead Plaintiff Deadline: Oct 24, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Omnicare, Inc. ("Omnicare" or the "Company") on behalf of all persons and entities who purchased common stock of Omnicare between January 10, 2007 to August 05, 2010. This case has been filed in the USDC - Kentucky (Eastern).
The Complaint alleges as follows: Defendants concealed material information and made false and misleading statements relating to Omnicare's business and financial condition, particularly with respect to a widespread scheme to defraud the federal Medicare program and several state Medicaid programs by submitting claims for reimbursement for services that did not conform with Medicare and Medicaid regulations. While Defendants were violating the law and exposing the Company to significant liability, they repeatedly - and falsely - represented that Omnicare was operating in compliance with all applicable laws and regulations. Further, Omnicare's reported net sales and accounts receivable throughout the Class Period were artificially inflated as they included the proceeds of the Medicare/Medicaid fraud. When the truth about Omnicare was revealed, over $300 million in market capitalization was wiped out, causing the Company's investors substantial damages.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.