Omnicare, Inc. (NYSE:OCR) investors are growing increasingly restless with shares trading near their 52-week low but some investors are upping their stake. ValueAct Capital increased their stake in the company despite an investigation by the Department of Justice. It will be interesting to see if this aggressive investment pays off, but there are many investors watching.

The Department of Justice issued a subpoena last week seeking information about Omnicare from the UnitedHealth Group "under its authority to investigate health-care fraud offenses". The subpoena called for UnitedHealth to provide all documents concerning "attempts by Omnicare to steer patients to Medicare prescription-drug plans".

"We do not believe there is anything significant related to this review that has not already been disclosed in our public filings," Omnicare said in a statement. "Our programs related to the implementation of (the Medicare drug benefit) have been carefully reviewed by outside legal counsel, and we firmly believe that we have complied with all applicable laws and regulations with respect to these matters."

In the end, events like this happen all the time without justification. A few years ago, the DOJ investigated online education companies for taking too much state tuition money, but the investigation turned up nothing. These stocks trade near 52-week lows and eventually return to their highs if they are found innocent. Whether this company is innocent or not remains to be seen; however, at least one investor is showing his cards!

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