Case Page

 

Case Status:    DISMISSED    
On or around 11/04/2014 (Other)

Filing Date: August 24, 2011

According to a complaint filed August 24, 2011, the defendants violated federal securities laws when the Company and certain of its executive officers concealed material information and made false and misleading statements relating to the Company’s business and financial condition.

Throughout the Class Period, the Company – unbeknownst to the investing public – was engaged in 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 the Company was operating in compliance with all applicable laws and regulations. Further, the Company’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 Plaintiff and the Company’s other investors substantial damages.

On December 14, 2011, Magistrate Judge Candace J. Smith signed the Order granting the request to consolidate two related actions, Case No. 11-CV-173 and Case No. 11-CV-315. The issue of appointment of co-lead plaintiff and choice of lead counsel is taken under advisement.

On March 12, 2012, Magistrate Judge Candace J. Smith signed the Order appointing lead plaintiff and lead counsel.

On May 11, 2012, lead plaintiff filed an amended and consolidated complaint.

On March 27, 2013, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice. On April 26, Plaintiffs filed Notice of their appeal of the above Order.

On October 10, 2014, the Court of Appeals issued an Opinion affirming the judgment of the District Court.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OCR
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. Kentucky
DOCKET #: 11-CV-00173
JUDGE: Hon.David L. Bunning
DATE FILED: 08/24/2011
CLASS PERIOD START: 01/10/2007
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
  2. Strauss & Troy
    The Federal Reserve Building, 150 East Fourth Street, Strauss & Troy, OH 45202-4018
    513.621.2120 513.241.8250 · wlwoods@strauss-troy.com
No Document Title Filing Date
COURT: E.D. Kentucky
DOCKET #: 11-CV-00173
JUDGE: Hon.David L. Bunning
DATE FILED: 05/11/2012
CLASS PERIOD START: 01/10/2007
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ballard Rogers Law, PLLC
    539 W. Market St., Suite 300, Ballard Rogers Law, PLLC, KY 40202
    502.640.3535 (502) 582-2296 · ballard@ballardrogerslaw.com
  2. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  3. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
  4. Sturman LLC
    275 Seventh Avenue, 2nd Floor, Sturman LLC, NY 10001
    212.367.7017 (917) 546-2544 · sturman@sturman.ch
No Document Title Filing Date