Settlement of David N. Zimmerman v. Diplomat Pharmacy, Inc., et al.
Civ. No. 2:16-cv-14005-AC-SDD
The parties have reached a settlement of this action, pending in the United States District Court for the Eastern District of Michigan, Southern Division. The settlement provides for the payment of $14,100,000 for the benefit of eligible Class Members. Lead Plaintiffs David N. Zimmerman, William Kitsonas, and the Government Employees’ Retirement System of the Virgin Islands alleged violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 premised on allegedly false and misleading statements and omissions regarding Diplomat Pharmacy, Inc.’s (“Diplomat”) accounting practices and financial condition related to the assessment of direct and indirect remuneration fees upon Diplomat by CVS Caremark.
The Class consists of all Persons who purchased Diplomat common stock from February 29, 2016 through and including November 3, 2016. Excluded from the Class are Defendants, members of each Defendant’s immediate family, any entity in which any Defendant has or had a controlling interest, directors and senior executive officers of Diplomat during the Class Period, and Defendants’ legal representatives, heirs, successors, or assigns of any such excluded party. Also excluded from the Class are those Persons who timely and validly request exclusion from the Class pursuant to the Notice.
The settlement was approved by the Court on August 20, 2019.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.