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

J&J to Record $600 Million Charge in 2Q

Johnson & Johnson (JNJ) said it plans to record a special charge of roughly $600 million in its second quarter to increase its accrual for potential legal settlements, as it has faced a series of lawsuits over accusations of bribery and improper drug-marketing practices. The company said the settlement payments stem for a series of outstanding civil cases that involve its drugs Risperdal, Invega and Natrecor, as well as nursing-home pharmacy operator Omnicare Inc. (OCR). The health-care products company has faced lawsuits related to alleged off-label promotion of its antipsychotic treatment Risperdal, which was once J&J's top-selling drug before generic copycats hit the market, as well as legal challenges over off-label promotion of another schizophrenia treatment, Invega, and the heart-failure drug Natrecor. Furthermore, the federal government is suing J&J, accusing it of paying kickbacks to induce Omnicare to encourage use of Risperdal and other J&J drugs. In addition, J&J has dealt with state lawsuits regarding its promotion of Risperdal, including an Arkansas case in which the company in April was ordered to pay $1.2 billion after a jury found that J&J's past marketing of the drug violated the state's consumer-protection laws. J&J previously was ordered to pay $327 million in a South Carolina case and $258 million in Louisiana. The company is appealing all three cases. In January, J&J agreed to settle a Texas case for $158 million. Meanwhile, the company agreed to pay an $85 million fine in a criminal case regarding off-label marketing of Natrecor. Parallel civil litigation still hasn't been settled. The company in April said its first-quarter earnings rose on a foreign-exchange-related gain tied to an acquisition and lower expenses. Shares closed Friday at $62.98 and were unchanged after hours. The stock is down 4% so far this year. Write to Ben Fox Rubin at ben.rubin@dowjones.com

Stock News for Omnicare (OCR)
DateTimeHeadline
No Recent News Available

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