Omnicare Inc Class Action Lawsuit

Omnicare Inc (NYSE: OCR) is one of the largest drug and pharmacy providers to assisted living, and healthcare facilities in the country. Omnicare has been hampered by allegations of widespread medicare fraud and recently settled with the US government over $100 million in fines for Medicare billing problems..

A lawsuit has been filed on behalf of shareholders upset about this conduct and seeking recovery for lost share value. The lawsuit alleges that Omnicare made materially false and misleading statements regarding the Company's business and prospects, namely that Omnicare while engaging in a large-scale Medicare fraud (as well as several state Medicaid programs) by submitting claims for reimbursement that violated Medicare and Medicaid regulations.

The basis of the claim is that Omnicare net sales reported to stock holders and accounts receivable included the illicit proceeds of the Medicare fraud. This artificially inflated the figures- defrauding the shareholders as well as Medicare.

Did you buy Omnicare Stock Between January 10, 2007 through August 05, 2010? Upset about your company allegedly defrauding Medicare and the shareholders? You may be eligible to join the lawsuit.

If you are a shareholder of OCR please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights.

Kyros Law is a Boston-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.