New York, NY (PRWEB) December 20, 2013
Zamansky LLC comments on the recent settlement by Quest Diagnostics Inc. (“Quest Diagnostics”), the diagnostic testing company headquartered in Madison, New Jersey, and Laboratory Corporation of America Holdings Inc. (“LabCorp.”), the Burlington, North Carolina company, of the "whistle-blower" lawsuit. The settlement concerns the whistleblower lawsuit which alleged that these laboratory companies had overcharged state insurance plans for the payment of "kickbacks" for referrals.
Quest Diagnostics and LabCorp. were both the subject of a qui tam whistleblower lawsuit. The lawsuit was first filed by Hunter Laboratories LLC and Chris Reidel in California Superior Court, San Mateo County, Case No. CIV 450691, then taken over by the State of California. The Fifth Amended Complaint filed on February 27, 2009 alleged that the companies overcharged state insurance programs to pay “kickbacks” to doctors and physicians for referrals to their labs.
Subsequently, both Quest Diagnostics and LabCorp. settled this lawsuit. On May 20, 2011, the Los Angeles Times reported that Quest Diagnostics settled a whistleblower lawsuit for $241 million. On August 30, 2011, the Sacramento Business Journal reported that LabCorp. settled the lawsuit for $49.5 million.
According to stock attorney Jake Zamansky, this settlement should concern shareholders. Long-term shareholders in these companies may wish to have their investments reviewed in light of these settlements, Zamansky states.
What Quest Diagnostics and LabCorp. Shareholders Can Do
If you are stockholder in either company who has held the stock continuously since 2005, and wish to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities class actions and shareholder litigation. We are securities fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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Jake Zamansky, 212-742-1414