SOURCE: Brower Piven, A Professional Corporation

September 16, 2011 17:46 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Omnicare, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 24, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Sep 16, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Kentucky on behalf of purchasers of the common stock of Omnicare, Inc. ("Omnicare" or the "Company") (NYSE: OCR) during the period between January 10, 2007 and August 5, 2010, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Omnicare common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 24, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Omnicare was operating in compliance with all applicable laws and regulations when, in fact, defendants were engaged in a widespread scheme to defraud the federal Medicare program and several state Medicaid programs by submitting claims for reimbursement for services that did not conform with Medicare and Medicaid regulations. According to the complaint, when the truth about Omnicare's fraudulent practices was revealed and it became known that financial results during the Class Period had included proceeds from those practices, the value of Omnicare stock declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact