ADVFN - Advanced Financial Network.
HOME» NYSE » O » OCR Stock Price » OCR Stock News

Omnicare Share News

 Omnicare Inc. Stock Price
OCR Stock Price
 Omnicare Inc. Stock Chart
OCR Stock Chart
 Omnicare Inc. Stock News
OCR Stock News
 Omnicare Inc. Company Information
OCR Company Information
 Omnicare Inc. Stock Trades
OCR Stock Trades

Former Employee Accuses J&J, Other Companies Of Pricing Fraud

By Peter Loftus Of DOW JONES NEWSWIRES A former Johnson & Johnson (JNJ) employee has accused the health-care giant in a lawsuit of defrauding government health programs by improperly reporting drug-pricing information. The lawsuit was originally filed confidentially in 2005 in federal court in Philadelphia, under U.S. laws designed to encourage would-be whistleblowers to bring information to government investigators about alleged health-care fraud. The Justice Department has declined to intervene in the case so far, according to court records. The suit was unsealed in December, and another defendant in the case, pharmacy-service provider Omnicare Inc. (OCR), disclosed the suit in a regulatory filing Thursday. The lawsuit also names wholesale drug distributor McKesson Corp. (MCK) as a defendant. The case was filed by Scott Bartz, who worked for J&J from 1999 until 2007, according to his lawsuit. His roles included working as a sales-compensation manager, in which he calculated product sales for use in determining bonuses for sales representatives. J&J, of New Brunswick, N.J. and other drug makers who want their products paid for by the Medicaid health plan for the poor are required to offer Medicaid similar prices to the best prices available to private purchasers. In an amended version of his lawsuit filed in 2007, Bartz alleged that J&J concealed from Medicaid discounts on drugs including antipsychotic Risperdal Consta and Razadyne treatment for Alzheimer's disease that were offered to other purchasers, and that McKesson and Omnicare assisted these efforts. The suit alleges these actions violated the federal False Claims Act. Bartz also alleged in the lawsuit that J&J inflated its earnings by engaging in "channel stuffing," or selling large amounts of drugs to distributors ahead of end-buyer demand. Bartz also alleges that J&J retaliated against him for voicing his concerns about these efforts, including a demotion before his employment was terminated in 2007. Bartz has since filed another amended version of the lawsuit, but it's under seal by court order. An attorney for Bartz couldn't immediately be reached. A J&J spokeswoman said the company will defend the case in court. Omnicare said in its regulatory filing the allegations are without merit, and it intends to defend itself. A spokesman declined to comment further. A spokeswoman for McKesson declined to comment immediately. Court records indicate the case has been transferred to federal court in Boston at the defendants' request. That is the same venue where other whistleblower cases involving J&J are pending. Last year, the Justice Department intervened in two whistleblower cases and accused J&J of paying millions of dollars of kickbacks to Omnicare to encourage use of J&J drugs, including Risperdal. J&J has said it believes its conduct was lawful and appropriate. In 2009, Omnicare agreed to pay $98 million to settle government allegations that it participated in kickback schemes along with drug makers including J&J. -By Peter Loftus, Dow Jones Newswires; +1-215-656-8289; peter.loftus@dowjones.com --Dinah Wisenberg Brin contributed to this article.

Stock News for Omnicare (OCR)
DateTimeHeadline
03/25/201409:41:12U.S. Hot Stocks: Hot Stocks to Watch
02/19/201409:51:22U.S. Stocks: Hot Stocks to Watch
12/05/201309:04:04U.S. Hot Stocks Futures: Hot Stocks to Watch
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:22:24Janus Capital Management 3Q 13F: Holdings As Of -2-
11/15/201308:22:23Janus Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201308:21:52Janus Capital Management 3Q 13F: Largest Purchases -2-
11/15/201308:21:50Janus Capital Management 3Q 13F: Largest Sales
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
04/16/201317:30:14Amgen to Pay $24.9 Million to Settle Kickbacks Allegations
04/16/201317:23:12Amgen to Pay $24.9 Million to Settle U.S. Allegations of Kickbacks
01/30/201309:49:57AmerisourceBergen Signs New Deal With Big Customer PharMerica
06/08/201218:10:09J&J to Record $600 Million Charge in 2Q
06/08/201218:03:22J&J to Record $600 Million Charge Tied to Outstanding Lawsuits
04/25/201217:16:50J&J New CEO: Top Job Is Fixing Over-The-Counter Drug Business
04/13/201214:10:39US Wants To Question Incoming J&J CEO In Kickback Lawsuit

Omnicare and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad