SOURCE: Saxena White P.A.

November 18, 2013 11:02 ET

Saxena White P.A. Files Securities Fraud Class Action Against BioScrip, Inc.

BOCA RATON, FL--(Marketwired - Nov 18, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York against BioScrip, Inc. ("BioScrip" or the "Company") (NASDAQ: BIOS) and certain of the Company's executive officers and/or directors and underwriters. The class action is filed on behalf of investors who purchased or otherwise acquired BioScrip's common stock between August 8, 2011 and September 23, 2013, inclusive (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.

In addition, the class action complaint is also filed on behalf of investors who purchased BioScrip's common stock pursuant or traceable to the Company's Registration Statement and Prospectus ("Offering Documents") issued in connection with BioScrip's secondary public offerings during the Class Period. The complaint brings forth claims for violations of the Securities Act of 1933.

BioScrip is a national provider of home infusion and other home healthcare services. On September 23, 2013, the Company announced in a Form 8-K that it received a civil investigative demand issued by the United States Attorney's Office for the Southern District of New York and a subpoena from the New York State Attorney General's Medicaid Fraud Control Unit regarding the distribution of the Novartis Pharmaceuticals Corporation product Exjade by the Company's legacy specialty pharmacy division.

The complaint alleges that, throughout the Class Period and in BioScrip's Offering Documents, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about BioScrip's business and financial condition.

Specifically, Defendants made false and/or misleading statements and/or failed to disclose to BioScrip investors that: (i) BioScrip improperly distributed the product Exjade through its specialty pharmacy operations in violation of the False Claims Act and other federal and state statutes; (ii) a substantial portion of the Company's revenues were derived through the violation of federal and state laws and regulations relating thereto; and (iii) as a result, the Company's financial statements were deficient and misleading at all relevant times.

As a result of Defendants' false and/or misleading statements, BioScrip shares traded at inflated prices during the Class Period. After disclosure of Defendant's false and/or misleading statements, BioScrip common stock suffered a precipitous decline, thereby causing significant losses and damages to Plaintiff and other Class members. You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.

If you purchased BioScrip stock between August 8, 2011 and September 23, 2013, inclusive, and/or pursuant to one of the Company's secondary public offerings during the Class Period, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased BioScrip common stock during the Class Period of August 8, 2011 through September 23, 2013, and/or pursuant to one of the Company's secondary public offerings, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than December 2, 2013. You may contact Saxena White P.A. to discuss your rights regarding lead plaintiff appointment and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

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