Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Omnicare, Inc. (“Omnicare” or the “Company”) between January 10, 2007 and August 5, 2010, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Eastern District of Kentucky.
Omnicare provides pharmaceuticals, and related pharmacy and ancillary services to long-term healthcare institutions. The Complaint alleges that during the Class Period Omnicare and certain of its executive officers misrepresented or failed to disclose material adverse information concerning Omnicare’s business and financial condition. Specifically, the Complaint alleges that the Company submitted claims for reimbursement to the federal Medicare program, and to several state Medicaid programs, for services that did not conform with Medicare and Medicaid regulations, while repeatedly representing that Omnicare was operating in compliance with all applicable laws and regulations. The Complaint further alleges that Omnicare’s reported net sales and accounts receivable throughout the Class Period were artificially inflated as they included the proceeds of the nonconforming Medicare and Medicaid claims.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Omnicare common stock between January 10, 2007 and August 5, 2010, you have certain rights, and have until October 24, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. |
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