May 28, 2019 - The Court of Appeals affirmed the court's decision. The case was dismissed.

June 20, 2018 - A notice of appeal was filed.

May 22, 2018 - The court granted defendants' motion to dismiss.

November 20, 2017 - A motion to dismiss the second amended consolidated complaint was filed.

August 30, 2017 - A second amended complaint was filed.

August 1, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

December 7, 2016 - A motion to dismiss the amended consolidated complaint was filed.

October 14, 2016 - An amended consolidated complaint was filed.

May 4, 2016 - An investor in shares of Express Scripts Holding Company (NASDAQ: ESRX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Express Scripts Holding Company in connection with certain allegedly false and misleading statements made between February 24, 2015 to March 21, 2016.

Express Scripts Holding Company’s most important client is Anthem Inc, one of the largest health benefits companies in the United States, which represents approximately 14% of Express Scripts Holding Company’s annual revenues. Pursuant to Express Scripts Holding Company’s contract with Anthem Inc, Anthem Inc may periodically conduct a market analysis to ensure that Anthem Inc is receiving competitive benchmark pricing on drugs purchased through plans administered by Express Scripts Holding Company. If Anthem Inc determines that the pricing terms under the agreement with Express Scripts Holding Company are no longer market competitive, then Anthem Inc may propose new pricing terms to ensure that Anthem Inc is receiving competitive benchmark pricing, and Express Scripts Holding Company is obligated to negotiate in good faith over the proposed new pricing terms.

Shares of Express Scripts Holding Company (NASDAQ: ESRX) grew from $66.00 per share in July 2014 o as high as $94.61 per share in July 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Express Scripts Holding Company (NASDAQ: ESRX) common shares between February 24, 2015 and March 21, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 24, 2015 and March 21, 2016 Express Scripts Holding Company repeatedly assured investors that its relationship with Anthem Inc remained strong and that it was providing Anthem Inc, and all of its customers, with high quality service. The plaintiff says that Express Scripts Holding Company also touted that it was performing at a high level financially and operationally and that Express Scripts Holding Company addressed the ongoing drug pricing negotiations with Anthem Inc, stating that Express Scripts Holding Company was committed to reaching a mutually beneficial agreement, and continuing its successful working relationship with its most important client.

The plaintiff claims that as a result of these alleged misrepresentations, Express Scripts Holding Company stock traded at artificially inflated prices between February 24, 2015 and March 21, 2016.

On January 12, 2016, Anthem Inc publicly threatened to terminate its relationship with Express Scripts Holding Company unless Express Scripts Holding Company would renegotiate its agreement with Anthem Inc to deliver more than $3 billion in annual savings to Anthem Inc.

Then, on March 21, 2016, Anthem Inc sued Express Scripts Holding Company alleging that Express Scripts Holding Company breached its contract with Anthem Inc by failing to negotiate drug pricing terms in good faith. The plaintiff says that that lawsuit revealed a conflict between Express Scripts Holding Company and Anthem Inc dating back to at least February 2015, including allegations that Express Scripts Holding Company was experiencing severe operational problems that interfered with its ability to adequately serve Anthem Inc and exposed Anthem Inc to increased regulatory scrutiny and that investors learned that Anthem Inc would almost certainly either renegotiate its contract to pay billions of dollars less to Express Scripts Holding Company, or worse, seek to engage a competing PBM resulting in the complete loss of Anthem Inc's business.

Shares of Express Scripts Holding Company (NASDAQ: ESRX) declined from over $94 per share in July 2015 to as low as $66.16 per share on March 22, 2016.