Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against BioScrip, Inc.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter Allocco(888) 969-4242(516) 683-3516Fax: (302) 654-7530
Rigrodsky & Long, P.A.:
, including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint 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 GS: ) between August 8, 2011 and September 20, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of BioScrip during the Class Period, or purchased shares prior to the Class Period and still hold BioScrip, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to , or at: .
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.
According to the Complaint, 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 wish to serve as lead plaintiff, you must move the Court no later than November 29, 2013. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, , including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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