Omnicare, a CVS Health subsidiary, files for Chapter 11 bankruptcy protection after being ordered to pay $949 million for fraudulent claims. The federal government accused Omnicare of filling expired prescriptions and billing Medicaid and Medicare for drugs dispensed without valid prescriptions from 2010 to 2018.

CVS Health denies the claims, stating they have no merit. Omnicare President defends the company, saying the lawsuit didn’t allege harm to patients and that they provided necessary medication.

With up to $10 billion in debt, Omnicare files for bankruptcy to address financial challenges and the recent court ruling. CVS Health explores strategic options for the struggling business as Omnicare continues to provide pharmacy services during the process.

Omnicare secures $110 million in financing to meet ongoing obligations during bankruptcy. Shares of CVS Health rise 1% following the news.

Read more at Yahoo Finance: CVS Health subsidiary Omnicare files for Ch. 11 bankruptcy protection