NEW YORK, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired securities of BioScrip ("BioScrip" or the "Company") (Nasdaq:BIOS) common stock during the period between August 8, 2011 and September 20, 2013 (the "Class Period").
If you purchased BioScrip during the Class Period, you may, no later than November 29, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported 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.
If you purchased BioScrip and want more information about the BioScrip Securities Class Action Lawsuit please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
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. Following 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.
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