AdvancePCS Comments On Judge's Decision In AARP/UnitedHealthcare Lawsuit.Business Editors, Health/Medical Writers IRVING, Texas--(BW HealthWire)--March 19, 2002 AdvancePCS (Nasdaq:ADVP), the nation's leading health improvement company, commented on the ruling issued Monday, March 18, 2002, in The United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , District of Minnesota, in relation to the lawsuit filed against AdvancePCS by AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million and UnitedHealthcare. The lawsuit focuses on a new, competitive consumer discount card program, with no membership fee, that AdvancePCS introduced last fall to help people without prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, coverage save money on their medications. It is the only program that shares pharmaceutical manufacturer discounts on selected brands with consumers. In the ruling, the presiding judge presiding judge n. 1) in both state and federal appeals court, the judge who chairs the panel of three or more judges during hearings and supervises the business of the court. granted a preliminary injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. against the AdvancePCS RxSavings Plan as sought by AARP and UnitedHealthcare. The injunction, as written, will limit access to the AdvancePCS program by AARP members. "We believe our prescription discount program is the best in the market, and it is anti-competitive and anti-consumer to prevent anyone from being able to participate in it," said David D. Halbert, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AdvancePCS. "AARP members should be allowed to have access to a better program that provides greater savings. "We're concerned that this ruling may create confusion at the pharmacy for many older Americans who are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the best prices on their medications," he added. AdvancePCS will comply with the judge's orders, but plans to immediately appeal the decision. The AdvancePCS RxSavings Plan is one of the most widely used prescription discount card programs in the country. It combines discounts from multiple pharmaceutical manufacturers and a nationwide network of more than 40,000 pharmacies under one plan to offer patients a single-source solution. The AdvancePCS program is available free to all consumers, and there are no age or income restrictions to join. Consumers can obtain an AdvancePCS RxSavings Plan card at www.AdvanceRx.com or by calling 1-800-ADVANCE. About AdvancePCS AdvancePCS (www.advancepcs.com) is the nation's largest independent provider of health improvement services, touching the lives of more than 75 million health plan members and managing more than $21 billion in annual prescription drug spending. AdvancePCS offers health plans a wide range of health improvement products and services designed to improve the quality of care delivered to health plan members and manage costs. AdvancePCS is ranked by Fortune magazine as one of America's 100 fastest-growing public companies, and is included on the Forbes Platinum 400 list of best big companies. The company's capabilities include integrated mail service and retail pharmacy networks, innovative clinical services, customized disease management programs, specialty pharmacy, clinical trials and outcomes research, information management, prescription drug services for the uninsured, and online health information for consumers. AdvancePCS clients include Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. organizations, insurance companies and HMOs, Fortune 500 employers, Taft-Hartley groups, state and local governments, and other health plan sponsors. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Any statements included in this press release that are not historical facts and that concern predictions of economic performance and management's plans and objectives constitute forward-looking statements under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. We do not undertake any obligation to provide updates to such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changes in the health care industry or the economy in general, competition, acquisitions, changes in the legislative or regulatory environment, and other factors detailed in AdvancePCS' Securities and Exchange Commission filings. |
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