CVS-owned Omnicare files for Chapter 11 bankruptcy after $949 million fraud judgment

Omnicare, a former Cincinnati-based Fortune 500 company, has filed for Chapter 11 bankruptcy protection in Texas after being hit with a nearly $1 billion civil judgment this summer. Drugstore giant CVS Health, the parent company that acquired Omnicare for $12.7 billion in 2015, hinted it might sell off the specialty pharmacy services operation. “(The company) intends to use this process to address other financial challenges … to evaluate its restructuring options, including the implementation of a standal ...