Express Scripts Securities Fraud Action Dismissed With Prejudice

Skadden secured the dismissal with prejudice of the plaintiff’s second attempt to state a claim for securities fraud against Express Scripts Holding Company and certain of its executives in connection with the company’s dispute with its largest client, Anthem Inc. In August, Skadden secured dismissal of the plaintiff’s first amended complaint, and the plaintiff was given leave to replead. On May 22, Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York dismissed the second amended complaint with prejudice, holding that the plaintiff “failed to allege new facts in support of its argument that Defendants misled investors about the strength of Express Scripts’ relationship with Anthem and the nature of the renewal negotiations” and “still offers no compelling argument or support to suggest that Express Scripts should have revised its accounting treatment of the [the Anthem contract] earlier than [it did].”