SOURCE: Gilman Law LLP

October 26, 2011 10:21 ET

Gilman Law LLP Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Omnicare, Inc. on Behalf of Shareholders

BOSTON, MA--(Marketwire - Oct 26, 2011) - Gilman Law LLP, a leading national securities law firm, is actively investigating shareholder allegations that Omnicare, Inc. ("Omnicare") and certain of its officers and directors violated the Securities Exchange Act 1934. Omnicare provides pharmaceutical care for the elderly and is the largest U.S. provider of professional pharmacy-related consulting and data management.

If you purchased or otherwise acquired shares of the common stock of Omnicare, Inc. (NYSE: OCR), during the period between January 10, 2007 and August 5, 2010, and either lost money on the transaction or still hold the shares, you may contact Gilman Law LLP to discuss your rights, including as to recovery of your losses or to obtain additional information.

A class action lawsuit has been commenced in the U.S.D.C for the Eastern District of Kentucky. The class action suit alleges that Omnicare failed to disclose that it was 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 to Medicare and Medicaid regulations.

Omnicare Allegedly Continues to Engage in Medicare and Medicaid Fraud

This is not the first securities fraud lawsuit against Omnicare. In 2006, Omnicare was involved in the largest fraud case in Michigan for allegedly cheating Michigan's Medicaid health program where they agreed to pay $52.5 million. Subsequently in 2009, Omnicare was investigated by the U.S. Attorney's Office in Massachusetts and agreed to pay $75 million to settle two qui tam actions for violations of the False Claims Act and Anti-Kickback Statute. Despite having paid tens of millions of dollars, Omnicare continues to engage in Medicare and Medicaid fraud.

Omnicare's false and misleading statements concerning Omnicare's compliance with applicable federal and state laws, led to artificially inflated prices during the Class Period. After Omnicare disclosed the existence of the qui tam actions and the news of the abrupt resignation of its President, Joel Gemunder, the Company's stock price dropped over 10% to close at $22.53 on August 5, 2010.

For a free evaluation of your case or to obtain additional information, please visit or or CALL TOLL FREE (888) 252-0048.

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