Omnicare News

Attorney General Patrick C. Lynch late Wednesday said Rhode Island will get more than $150,000 as part of an agreement with two companies in the health-care industry to settle allegations that the businesses engaged in kickback schemes that defrauded federal and state health-care programs.

FRANKFORT, Ky. a ' Attorney General Jack Conway announced that Kentucky has joined with other states and the federal government in reaching an agreement with Omnicare, Inc.

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Board of Education has been named in a federal civil complaint as a principal in a nursing home chain that allegedly accepted a $50 million kickback from the nation's largest nursing home pharmacy.

Omnicare Inc. boosted its third-quarter net income above expectations, but a lower 2009 forecast kept its stock down Thursday.

The Sixth Circuit U.S. Court of Appeals in Cincinnati has rejected an effort by certain investors to hold Omnicare Inc.

Omnicare, Inc. has paid $98 million to settle Medicaid fraud charges. The United States government alleges the Covington-based pharmaceutical provider was involved in various kickback schemes.

Omnicare Inc., which dispenses drugs to nursing homes and long-term care facilities, said Thursday its third-quarter profit rose 13 percent as lower costs and an income tax adjustment offset a dip in revenue.

Net income in the quarter rose 232% to $280.8 million or 94 cents per diluted share compared to net income of $84.7 million or 83 cents per share a year ago.

The scariest wrinkle in the Omnicare kickback case is just how vulnerable old people in nursing homes are to schemes in which drug companies allegedly induce pharmacies to prescribe drugs they otherwise wouldn't. Download the complaint from the Phillips and Cohen web site .

Omnicare Inc., which dispenses drugs to nursing homes and long-term care facilities, said Thursday its third-quarter profit rose 13 percent as lower costs and an income tax adjustment offset a dip in revenue.

The nation's largest nursing home pharmacy, Omnicare Inc. of Covington, Kentucky, will pay $98 million, and drug manufacturer, IVAX Pharmaceuticals of Weston, Florida, will pay $14 million to resolve allegations that Omnicare engaged in kickback schemes with several parties, including IVAX, the Justice Department announced today.

The U.S. Department of Justice announced Tuesday that it had settled a case with IVAX Pharmaceuticals, a Weston-based division of Teva Pharmaceutical Industries, in which IVAX will pay $14 million to resolve allegations that it paid $8 million in kickbacks to Omnicare Inc.

U.S. says an investor in the Woolworth Building and others were part of a sham deal involving the country's largest pharmacy service for nursing homes.

Omnicare Inc., which dispenses drugs to nursing homes and long-term care facilities, will pay $98 million to settle allegations it paid kickbacks to nursing homes to gain business and also received kickbacks for buying and recommending drugs.

All News and Columns >>>> Last week's top five stocks that were guru bargain highlights were Allegheny Technologies Inc, MEMC Electronic Materials Inc, Lockheed Martin Corp, Omnicare Inc, and The Buckle Inc.

Last week's top five guru bargain stocks were MEMC Electronic Materials Inc, MetroPCS Communications Inc, Omnicare Inc, Advance Auto Parts Inc, and URS Corp.

John Workman has served as CFO of HealthSouth since 2004. View Larger HealthSouth Corp.