Case Page

 

Case Status:    DISMISSED    
On or around 06/30/2010 (Court's order of dismissal)

Filing Date: August 05, 2004

The original complaint charges Express Scripts and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants caused Express Scripts' shares to trade at artificially inflated levels through the issuance of false and misleading statements and other illegal practices, including its improper practice of changing patients' medications. Ultimately, Express Scripts disclosed a number of investigations into those improper practices, recorded additional litigation reserves of $15 million and the Company was sued by the New York Attorney General. The New York Attorney General lawsuit alleged that Express Scripts conducted an elaborate scheme that inflated by millions of dollars the costs of prescription drugs to New York state's largest employee health plan, the Empire Plan. The lawsuit alleged that Express Scripts: (i) '(e)nriched itself at the expense of the Empire Plan and its members by inflating the cost of generic drugs;' (ii) 'diverted to itself millions of dollars in manufacturer rebates that belonged to the Empire Plan;' (iii) '(e)ngaged in fraud and deception to induce physicians to switch a patient's prescription from one prescribed drug to another for which Express Scripts received money from the second drug's manufacturer;' (iv) '(s)old and licensed data belonging to the Empire Plan to drug manufacturers, data collection services and others without the permission of the Empire Plan and in violation of the State's contract;' and (v) '(i)nduced the State to enter into the contract by misrepresenting the discounts the Empire Plan was receiving for drugs purchased at retail pharmacies.'

NOTE: Express Scripts is one of the largest Pharmacy Benefit Management ('PBM') companies in North America providing PBM services to members through facilities in eight states and Canada. Express Scripts serves thousands of client groups, including managed care organizations, insurance carriers, third-party administrators, employers and union-sponsored benefits plans.

On October 15, 2004, the Court entered the Order consolidating all actions under 4:04CV1009 SNL. The consolidated action shall be entitled In re Express Scripts, Inc. Securities Litigation. On September 13, 2005, the plaintiffs filed a Consolidated Complaint. The defendants responded by filing a motion to dismiss the Consolidated Complaint on October 28, 2005. On June 28, 2010, the defendants' motion to dismiss was granted. The case is now dismissed.

On July 29, 2010, the plaintiffs filed a Notice of Appeal, and on August 30, 2010, the Court entered the Mandate from the U.S. Court of Appeals for the Eighth Circuit. The appeal was dismissed.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Drugs)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ESRX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Missouri
DOCKET #: 04-CV-1009
JUDGE: Hon. Stephen N. Limbaugh
DATE FILED: 08/05/2004
CLASS PERIOD START: 10/29/2003
CLASS PERIOD END: 08/03/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dysart Taylor Lay Cotter & McMonigle, PC
    4420 Madison Ave, Dysart Taylor Lay Cotter & McMonigle, PC, MO 64111
    816.931.2700 ·
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: E.D. Missouri
DOCKET #: 04-CV-1009
JUDGE: Hon. Stephen N. Limbaugh
DATE FILED: 09/13/2005
CLASS PERIOD START: 10/29/2003
CLASS PERIOD END: 08/03/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dysart Taylor Lay Cotter & McMonigle, PC
    4420 Madison Ave, Dysart Taylor Lay Cotter & McMonigle, PC, MO 64111
    816.931.2700 ·
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
No Document Title Filing Date
No Document Title Filing Date