Ryan & Maniskas, LLP Announces Class Action Lawsuit Against BioScrip Inc.
WAYNE, Pa., Oct. 3, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of BioScrip, Inc. ("BioScrip" or the "Company") (NASDAQ: BIOS) between August 8, 2011 and September 20, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/bios.
The complaint charges BioScrip and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BioScrip is a national provider of home infusion and other home healthcare services that partners with patients, physicians, hospitals, healthcare payors and pharmaceutical manufacturers to provide clinical management solutions and the delivery of cost-effective access to prescription medications and home healthcare services.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company improperly distributed the Novartis Pharmaceuticals Corporation product Exjade ("Exjade") through its specialty pharmacy operations, in violation of the False Claims Act and other federal and state statutes; and (2) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
On September 23, 2013, the Company disclosed in a Form 8-K that it had 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 Exjade by the Company's legacy specialty pharmacy division.
On this news, shares in BioScrip dropped more than 23%, closing at $8.47 per share on September 24, 2013, from a close the day before the announcement of $11.07, on unusually heavy trading volume.
If you are a member of the class, you may, no later than November 29, 2013, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/bios or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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