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Stock Market & Financial Investment News

News Breaks
June 25, 2014
11:54 EDTOCROmnicare to pay $124M to settle false billings allegations
Omnicare has agreed to pay $124.24M for allegedly offering improper financial incentives to skilled nursing facilities in return for their continued selection of Omnicare to supply drugs to elderly Medicare and Medicaid beneficiaries, the Justice Department announced. The settlement resolves allegations that Omnicare submitted false claims by entering into below-cost contracts to supply prescription medication and other pharmaceutical drugs to skilled nursing facilities and their resident patients to induce the facilities to select Omnicare as their pharmacy provider. Of the $124.24M to be paid by Omnicare, $8.24M will go to various states which jointly funded the Medicaid programs impacted by Omnicare’s conduct. The claims resolved by this settlement are allegations only, and there has been no determination of liability, DOJ stated.
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July 23, 2014
10:04 EDTOCROmnicare discloses whistleblower suit in which DOJ declined to intervene
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07:40 EDTOCROmnicare backs FY14 adjusted EPS view of $3.64-$3.72, consensus $3.69
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07:39 EDTOCROmnicare reports Q2 adjusted EPS 91c, consensus 90c
Reports Q2 revenue $1.61B, consensus $1.59B.

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