NEW YORK, May 25, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Express Scripts Holding Company (“Express Scripts” or the “Company”) (NASDAQ:ESRX) stock or options between February 24, 2015 and March 21, 2016 (the “Class Period”).
If you purchased Express Scripts securities during the Class Period, you may, no later than July 5, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Express Scripts Securities Class Action, contact Sheila Feerick at Safirstein Metcalf LLP, 1-800-221-0015 or email info@SafirsteinMetcalf.com or at http://www.safirsteinmetcalf.com/expscripts.html.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the status of its relationship and contract with its most important client, Anthem, Inc. (“Anthem”).
Specifically, on January 12, 2016, Anthem publicly threatened to terminate its relationship with the Company unless both renegotiated an agreement that would deliver more than $3 billion in annual savings to Anthem.
On this news, Express Scripts’ share price fell $5.89 from a closing price of $85.58 per share on January 12, 2016 to a closing price of $79.69 on January 13, 2016, a 6.9% drop.
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. Anthem’s complaint revealed a conflict between Express Scripts and Anthem dating back to at least February 2015, alleging that the Company was experiencing severe operational problems that interfered with its ability to adequately serve Anthem and exposed Anthem to increased regulatory scrutiny. Following this news, Express Scripts’ share price fell from a closing price of $69.34 per share on March 21, 2016 to a closing price of $67.52 on March 22, 2016, a $1.82 or a 2.6% drop.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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