STEVENSON, Md., May 29, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Express Scripts Holding Company (Nasdaq: ESRX ) (“Express Scripts” or the “Company”) common stock during the period between February 24, 2015 to March 21, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 5, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Express Scripts common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that its relationship with Anthem, Inc. (“Anthem”), one of the largest health benefits companies in the United States which represents approximately 14% of Express Scripts’ annual revenues, was not as strong as represented, and that it was not providing Anthem, and all of its customers, with high quality service as represented.
According to the complaint, following (1) the January 12, 2016 revelation that Anthem publicly threatened to terminate its relationship with Express Scripts unless the Company would renegotiate its agreement with Anthem to deliver more than $3 billion in annual savings to Anthem; (2) the March 21, 2016 filing of a lawsuit by Anthem against Express Scripts alleging that the Company breached its contract with Anthem by failing to negotiate drug pricing terms in good faith and revealing a conflict between Express Scripts and Anthem dating back to at least February 2015, including allegations that Express Scripts was experiencing severe operational problems that interfered with its ability to adequately serve Anthem and exposed Anthem to increased regulatory scrutiny; and (3) the revelation that it was likely Anthem would either renegotiate its contract to pay billions of dollars less to Express Scripts or seek to engage a competing pharmacy benefit manager resulting in the Company’s complete loss of Anthem’s business, the value of Express Scripts shares declined significantly.
If you have suffered a loss from investment in Express Scripts common stock purchased on or after February 24, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
