Omnicare Finalized Settlement Agreement (NYSE:OCR)

Omnicare, Inc. (NYSE:OCR) have announced today that they have gone ahead and finalized the previously disclosed agreement for a voluntary civil settlement with the US Attorney’s Office, District of Massachusetts, the Department of Justice and Health and Human Services, as well as various of the states in which the Company runs its business. The civil settlement is related to the previously disclosed investigation with respect to qui tam complaints filed against Omnicare. The Company has agreed to cooperate fully with the reviews done by several departments of these matters and is pleased to have reached a resolution.

@@CalendarRight@@ Omnicare, Inc is a Fortune 500 company based in Kentucky and one of the leading providers of pharmaceutical care for the elderly. The Company is into providing long term care facilities, chronic care and other settings that comprises of around 1.4 million beds in 47 states. Omnicare is also the largest provider of related consulting, professional pharmacy, and data management services for skilled nursing, assisted living and other institutional healthcare providers. Omnicare’s pharmacy services also includes distribution and patient assistance services for specialty pharmaceutical and offers clinical research services for the biotechnology and pharmaceutical industries in more than 31 countries worldwide.

Omnicare has denied that the contentions of the federal government and the qui tam relators set forth in the complaints and also denies any liability related to those contentions. The Settlement Agreement does not include any finding of wrongdoing by the Omnicare Inc. The Company has agreed to settle the matters in order to avoid expensive and time-consuming litigation and instead focus more on the mission to provide high-quality pharmaceutical care for the elderly. Under the Settlement Agreement, Omnicare has agreed to pay US$98 million along with the interest to the federal government, the participating states, and the District of Columbia.