NEW YORK, May 06, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Express Scripts Holding Company (“Express Scripts” or the “Company”) (Nasdaq:ESRX) in the United States District Court for the Southern District of New York on behalf of purchasers of Express Scripts common stock between February 24, 2015 through March 21, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Express Scripts throughout the Class Period repeatedly assured investors that its relationship with Anthem, Inc. (“Anthem”) remained strong and that it was providing Anthem and all of its customers with high quality services. The Complaint also alleges that Express Scripts touted that its finances and operations were performing at a high level and that Express Scripts had addressed its ongoing drug pricing negotiations with Anthem and its commitment to reaching a mutually beneficial agreement with Anthem. The lawsuit claims that when the true facts of Express Scripts’ disputes with Anthem entered the market, the value of Express Scripts shares fell, damaging investors.
On January 12, 2016, Anthem publicly threatened to terminate its relationship with Express Scripts unless the Company renegotiated its agreement with Anthem to deliver more than $3 billion in annual savings to Anthem. On this news, Express Scripts stock fell from a January 12, 2016 closing price of $85.58 per share to close on January 13, 2016 at $79.69 per share.
On March 21, 2016, Anthem sued Express Scripts alleging that the Company breached its contract with Anthem by failing to negotiate drug pricing terms in good faith. The lawsuit revealed the disputes between Express Scripts and Anthem had started by at least February 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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