Bleichmar Fonti & Auld LLP Files Securities Class Action Lawsuit Against McKesson CorporationOctober 26, 2018
Bleichmar Fonti & Auld LLP (“BFA”) announces that it has filed a class action lawsuit on behalf of a class (the “Class”) consisting of persons and entities that acquired McKesson Corporation (“McKesson” or the “Company”) common stock between October 24, 2013 and January 25, 2017, inclusive (the “Class Period”). The case was filed in the Northern District of California and is captioned Evanston Police Pension Fund v. McKesson, No. 3:18-cv-06525.
McKesson delivers pharmaceutical and medical products and business services to retail pharmacies and institutional healthcare providers such as hospitals and health systems throughout North America and internationally. The majority of its income is derived from its business as a pharmaceutical wholesaler in which it purchases drugs in bulk directly from manufacturers and then sells and distributes those drugs to pharmacy networks, hospitals, and independent pharmacies.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934 against McKesson, its Chief Executive Officer (“CEO”) John H. Hammergren, and its former Chief Financial Officer (“CFO”) James Beer.
According to the Complaint, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (i) McKesson and several of its industry peers colluded to fix the price of certain generic drugs; (ii) the collusive conduct constituted a violation of federal antitrust laws; (iii) consequently, McKesson’s revenues during the Class Period were, in part, the result of illegal conduct and were therefore unsustainable; (iv) McKesson lacked effective internal controls over financial reporting; and (v) as a result, McKesson’s public statements were materially false and misleading at all relevant times.
If you are a member of the Class, you may move the Court no later than 60 days from the date of this notice, to serve as Lead Plaintiff.
BFA is a law firm based in New York City with additional offices in Oakland, California and Toronto, Canada. The Firm focuses on securities fraud class actions and other investment-related matters. BFA currently serves as lead counsel in multiple securities class actions and has recovered hundreds of millions of dollars for investors.