Case Page

 

Case Status:    SETTLED
On or around 08/29/2017 (Other)

Filing Date: September 30, 2013

According to the law firm press release, BioScrip is a pharmacy benefit management and specialty pharmaceutical organization that partners with managed care organizations and healthcare providers to control prescription drug costs. The Company provides pharmacy benefit products and services and mail order pharmacy services, and is the fulfillment center for online retailers offering prescription and OTC products.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly distributed the product Exjade through its specialty pharmacy operations; (2) the Company was in violation of certain federal and state laws and regulations; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On September 23, 2013, the Company announced in a Form 8-K, that it received a civil investigative demand issued by the United States Attorney's Office for the Southern District of New York and a subpoena from the New York State Attorney General's Medicaid Fraud Control Unit, regarding the distribution of the Novartis Pharmaceuticals Corporation product Exjade by the Company's legacy specialty pharmacy division.

On this news, BioScrip securities declined $2.60 per share or 23% within two trading sessions, to close at $8.47 per share on September 24, 2013.

On December 19, 2013, the Court issued an Order consolidating cases, appointing lead plaintiff, and approving lead counsel. Lead Plaintiff filed a consolidated complaint on February 19, 2014.

On June 5, 2015, the Court issued an Order denying Defendants' motion for reconsideration of an earlier order of dismissal.

On December 18, 2015, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved on February 11, 2016. On June 16, 2016, the Court granted final approval of the Settlement and dismissed this case.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BIOS
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: S.D. New York
DOCKET #: 13-CV-06922
JUDGE: Hon. Alison J. Nathan
DATE FILED: 09/30/2013
CLASS PERIOD START: 08/08/2011
CLASS PERIOD END: 09/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-06922
JUDGE: Hon. Alison J. Nathan
DATE FILED: 02/19/2014
CLASS PERIOD START: 11/09/2012
CLASS PERIOD END: 11/06/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date