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Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Omnicare, Inc.
Legal Marketing |
2011/09/27 10:34
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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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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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