NEW YORK, Oct. 4, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all those who purchased securities of BioScrip, Inc. (NASDAQ: BIOS) ("BioScrip" or the "Company") between August 8, 2011 through September 20, 2013, inclusive (the "Class Period").
BioScrip is a pharmacy benefit management and specialty pharmaceutical organization that partners with managed care organizations and healthcare providers to control prescription drug costs. The Company provides pharmacy benefit products and services and mail order pharmacy services, and is the fulfillment center for online retailers offering prescription and OTC products.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly distributed the product Exjade through its specialty pharmacy operations; (2) the Company was in violation of certain federal and state laws and regulations; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.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. On this news, BioScrip securities declined $2.60 per share or 23% within two trading sessions, to close at $8.47 per share on September 24, 2013. Plaintiffs seek to recover damages on behalf of all Class members who invested in BioScrip securities during the Class Period. If you invested in BioScrip securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 29, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.