SAN FRANCISCO, June 27, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Express Scripts Holding Company (NASDAQ:ESRX) investors of the July 5, 2016 Lead Plaintiff deadline in the securities class action filed in the U.S. District Court for the Southern District of New York.
If you purchased or otherwise acquired securities of Express Scripts Holding Company (“Express Scripts” or the “Company”) between February 24, 2015 and March 21, 2016 and suffered $500,000 or more in losses, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing ESRX@hbsslaw.com or visiting https://www.hbsslaw.com/cases/ESRX.
During the class period, Express Scripts represented to investors and analysts “we’ve got a great relationship with Anthem….The relationship is very, very solid[]”, but did not disclose to investors that Anthem served Express Scripts with two notices of default arising from material operational breaches – first, on February 16, 2015 and second, on April 1, 2015.
On January 12, 2016, Anthem threatened to end its relationship with Express Scripts unless it renegotiated an agreement to deliver more than $3 billion in annual savings. Express Scripts shares fell 7% to close at $79.69 on January 13, 2016.
Then, Anthem sued Express Scripts on March 21, 2016, claiming the Company breached contractual duties to negotiate price terms in good faith and perform operational duties in a “prudent and expert manner”. Express Scripts shares fell 2.6% to close at $67.52 on March 22, 2016.
“Public companies are required to disclose material known risks to their business rather than generally disclaiming them,” said Hagens Berman partner Reed Kathrein. “The notices of default appear contrary to the representations of a very strong relationship.”
Whistleblowers: Persons with non-public information regarding Express Scripts should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ESRX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.