Plaintiff's law firm issued a press release on October 25, 2018, announcing the filing of the lawsuit. According to the press release, McKesson Corporation delivers pharmaceutical and medical products and business services to retail pharmacies and institutional healthcare providers such as hospitals and health systems throughout North America and internationally. The majority of its income is derived from its business as a pharmaceutical wholesaler in which it purchases drugs in bulk directly from manufacturers and then sells and distributes those drugs to pharmacy networks, hospitals, and independent pharmacies.

According to the Complaint, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) McKesson and several of its industry peers colluded to fix the price of certain generic drugs; (ii) the collusive conduct constituted a violation of federal antitrust laws; (iii) consequently, McKesson’s revenues during the Class Period were, in part, the result of illegal conduct and were therefore unsustainable; (iv) McKesson lacked effective internal controls over financial reporting; and (v) as a result, McKesson’s public statements were materially false and misleading at all relevant times.

On February 8, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 9, 2019. Defendants filed a Motion to Dismiss the consolidated Complaint on June 10. On October 30, the Court issued an Order denying Defendants' Motion to Dismiss.

Plaintiffs filed a Motion for Class Certification on November 16, 2020. On April 8, 2021, the Court granted Plaintiffs' Motion for Class Certification. On June 7, Defendant filed a Motion for partial summary judgment. On October 21, the Court granted partial summary judgment.

The parties entered into a Stipulation of Settlement on November 30, 2022. The Court granted preliminary approval of the Settlement on January 20, 2023. On July 14, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.