| Omnicare Files Lawsuit Against UnitedHealth Group and PHS/Prescription Solutions for Antitrust Violations and Fraud |
COVINGTON, Ky., May 18, 2006 (BUSINESS WIRE) -- Omnicare, Inc. (NYSE:OCR) announced today that it has filed a lawsuit in United States District Court for the Eastern District of Kentucky against UnitedHealth Group Incorporated ("United") (NYSE: UNH), PacifiCare Health Systems, Inc. ("PacifiCare"), a subsidiary of United, and RxSolutions, Inc. which does business as Prescriptions Solutions ("Prescription Solutions") and is also a subsidiary of United. In its complaint, Omnicare is seeking damages, injunctive relief and reformation of certain contracts to redress the substantial injuries caused by an alleged conspiracy between United and PacifiCare/Prescription Solutions in violation of federal and state antitrust laws. Omnicare also alleges that the United and PacifiCare/Prescription Solutions conspiracy defrauded Omnicare in violation of state law causing damage to Omnicare. In its complaint, Omnicare alleges, among other things, that during the pendency of United's acquisition of PacifiCare in 2005, United and PacifiCare/Prescription Solutions conspired to illegally and fraudulently coordinate their negotiations with Omnicare for Medicare Part D contracts as part of an effort to defraud Omnicare and fix prices in violation of federal and state antitrust laws. The complaint further alleges that, as part of this illegal conspiracy, after United negotiated a Medicare Part D contract with Omnicare that contractually obligated United to provide long term care patient protections and included fair reimbursement rates, United, among other things, made fraudulent representations to induce Omnicare to enter into a separate contract with PacifiCare/Prescription Solutions that was much less favorable to long term care patients and Omnicare by indicating that this separate contract would only cover PacificCare's/Prescription Solutions' Medicare Part D plans and not the United plans. The complaint also alleges that United intended all along to move its Medicare Part D plans from its contract with Omnicare to the PacifiCare/Prescription Solutions contract, which it did following the closing of its acquisition of PacificCare. Omnicare, Inc. (NYSE: OCR), a Fortune 500 company based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities and other chronic care settings comprising approximately 1,437,000, beds in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Omnicare's pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare offers clinical research services for the pharmaceutical and biotechnology industries in 30 countries worldwide. For more information, visit the company's Web site at www.omnicare.com. In addition to historical information, this press release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of management's views and assumptions regarding business performance as of the time the statements are made, and management does not undertake any obligation to update these statements. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to "beliefs," "expectations," "anticipations," "intentions" or similar words) and all statements which are not statements of historical fact. Forward-looking statements, together with other statements that are not historical, involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated, including, but not limited to, the risks and uncertainties described in the Company's reports and filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For more information on Omnicare, Inc, visit www.omnicare.com. SOURCE: Omnicare, Inc. Omnicare, Inc. |