According to the Complaint, Diplomat Pharmacy, Inc. purports to operate as an independent specialty pharmacy in the United States.

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Diplomat had downplayed its success in integrating and growing its PBM business, which included LDI Integrated and National Pharmaceutical, two companies Diplomat had acquired in late 2017; (2) consequently, Diplomat would need to record a non-cash impairment charge upwards of approximately $630 million relating to its PBM business and these 2017 acquisitions; (3) due to the foregoing, Diplomat would withdraw its preliminary 2019 full-year outlook issued less than seven weeks prior; and (4) as a result, Defendants' statements about Diplomat's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On April 18, 2019, the Court issued an Order transferring this case to the Northern District of Illinois. On May 1, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 19-CV-01735.

The Court issued an Order appointing Lead Plaintiff and Counsel on July 19, 2019. Lead Plaintiff filed a consolidated Complaint on December 6. Defendants filed a Motion to Dismiss the consolidated Complaint on February 7, 2020.

On October 26, 2021, the parties notified the Court that they had reached an agreement on a Settlement. The parties entered into a Stipulation of Settlement on December 16. On January 13, 2022, the Court dismissed as moot Defendants' Motion to Dismiss. On January 27, the Court granted preliminary approval of the Settlement.

On June 7, 2022, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.