PharMerica Announces Tentative Settlement of Hawaii Class Action Case
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Jan. 27, 2005--PharMerica, Inc., a subsidiary of AmerisourceBergen Corporation (NYSE:ABC), today announced that a tentative settlement was reached in the Helbig, et. al. vs. Interstate Pharmacy Corporation (IPC), et. al. class action suit pending in Hawaii state court. The settlement cannot become final until the court approves the agreed-upon terms.
Under the terms of the settlement, PharMerica will pay $2 million to a fund for class action members and $1.2 million to the University of Hawaii for programs benefiting senior citizens. Any unclaimed monies in the fund established for the class action members also will be distributed to the University of Hawaii for this purpose.
The allegations in the class action suit alleged that prior to February 2000, PharMerica's IPC pharmacy in Hawaii accepted returned medications and reissued them for other patients in violation of Hawaii law. There were no allegations of physical harm to any patient. Since that time, the law in Hawaii has been changed to permit the use of returned medications under certain conditions.
PharMerica, one of the nation's leading pharmacy providers to the long-term care setting, supplies medication and related services to more than 220,000 nursing home residents in 37 states.
AmerisourceBergen(R) (NYSE:ABC) is one of the largest pharmaceutical services companies in the United States. Servicing both pharmaceutical manufacturers and healthcare providers in the pharmaceutical supply channel, the Company provides drug distribution and related services designed to reduce costs and improve patient outcomes. AmerisourceBergen's service solutions range from pharmacy automation, bedside medication safety systems, and pharmaceutical packaging to pharmacy services for skilled nursing and assisted living facilities, reimbursement and pharmaceutical consulting services, and physician education. With more than $48 billion in operating revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs more than 14,000 people. AmerisourceBergen is ranked #22 on the Fortune 500 list. For more information, go to www.amerisourcebergen.com.
This news release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. Forward-looking statements may include statements addressing AmerisourceBergen's future financial and operating results.
The following factors, among others, could cause actual results to differ materially from those described in any forward-looking statements: competitive pressures; the loss of one or more key customer relationships; customer insolvencies; changes in customer mix; changes in pharmaceutical manufacturers' pricing and distribution policies or practices; regulatory changes; changes in U.S. government policies (including changes in government policies pertaining to drug reimbursement); changes in market interest rates; and other economic, business, competitive, regulatory and/or operational factors affecting the business of AmerisourceBergen generally.
More detailed information about these factors is set forth in AmerisourceBergen's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for fiscal 2004.
AmerisourceBergen is under no obligation to (and expressly disclaims any such obligation to) update or alter any forward looking statements whether as a result of new information, future events or otherwise.
CONTACT: AmerisourceBergen Corporation, Valley Forge Michael N. Kilpatric, 610-727-7118 firstname.lastname@example.org SOURCE: AmerisourceBergen Corporation