An investigation on behalf of current long term investors in Omnicare, Inc. (NYSE:OCR) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:OCR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/14/2012 -- The Shareholders Foundation announces that certain directors and officers of Omnicare are under the investigation for current long term investors in Omnicare, Inc. (NYSE:OCR) shares over possible breaches of fiduciary duties.
Investors who are current long term investors in Omnicare, Inc. (NYSE:OCR) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Omnicare, Inc. (NYSE:OCR) stocks follows a lawsuit filed earlier by shareholders who purchased NYSE:OCR shares only between January 10, 2007 to August 5, 2010. The investigation on behalf of current long term investors in Omnicare, Inc. (NYSE:OCR) stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain Omnicare officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of Kentucky the plaintiff alleges that Omnicare, Inc. violated the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a) of the Securities Exchange Act, by allegedly concealing material information and allegedly making false and misleading statements relating to Omnicare's business and financial condition, particularly with respect to a widespread scheme to allegedly defraud the federal Medicare program and several state Medicaid programs by submitting claims for reimbursement for services that allegedly did not conform with Medicare and Medicaid regulations.
Omnicare’s 12months Total Revenue fell slightly from $6.16billion in 2009, respectively $6.20billion in 2008 to $6.146billion in 2010. However its Net Income fell from as high as $211.92million for 2009 to a Net Loss of $106.11million in 2010.
Shares of Omnicare, Inc. (Public, NYSE:OCR) rose from $19.84 per share in August 2010 to slightly over $35 per share in the end of 2011. However, NYSE OCR shares traded during 2007 as high as $44.06 per share and in 2006 even as high as over $60 per share.
Those who are current long term investors in Omnicare, Inc. (NYSE:OCR) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego