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Omnicare Inc (NYSE: OCR) Investor Securities Class Action Lawsuit 08/24/2011

  • If you purchased shares of Omnicare Inc (NYSE: OCR), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Omnicare, Inc.
Security
NYSE: OCR

Case Name
Omnicare Shareholder Class Action 08/24/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Kentucky

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 10, 2014 - The U.S. Court of Appeals for the Sixth Circuit affirmed the district court's March 27, 2013 decision.
April 26, 2013 - The lead plaintiff filed a notice of appeal.

March 27, 2013 - The court granted the defendants' motion to dismiss and ordered the case dismissed.

July 16, 2012 - The defendants filed a motion to dismiss.

May 11, 2012 - The lead plaintiff filed an amended consolidated complaint.

March 12, 2012 - Lead plaintiff and lead counsel were appointed.

December 14, 2011 - All cases were consolidated.

October 24, 2011 - Lead plaintiff motions were filed.

August 24, 2011 - An investor in shares of Omnicare Inc (NYSE: OCR) filed a lawsuit in U.S. District Court for the Eastern District of Kentucky against Omnicare Inc over alleged violations of Federal Securities Laws made in connection with certain allegedly false and misleading statements made between January 10, 2007 to August 5, 2010.

According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired shares of Omnicare Inc (NYSE: OCR) common stock between January 10, 2007 to August 5, 2010, that Omnicare Inc violated the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a) of the Securities Exchange Act, by allegedly concealing material information and allegedly making false and misleading statements relating to Omnicare Inc's business and financial condition, particularly with respect to a widespread scheme to allegedly defraud the federal Medicare program and several state Medicaid programs by submitting claims for reimbursement for services that allegedly did not conform with Medicare and Medicaid regulations.

Omnicare Inc’s 12 months total revenue fell slightly from $6.16 billion in 2009, respectively $6.20 billion in 2008 to $6.146 billion in 2010. However its net income fell from as high as $211.92 million for 2009 to a net loss of $106.11 million in 2010.

Shares of Omnicare Inc (NYSE: OCR) fell from over $4.06 per share during 2007 to as low as $16.75 in March 2008. NYSE: OCR shares increased in 2010 to as high as slightly over $30 in April but sell on August 20, 2010 to under $20 per share.