The stakes for Centene and other companies are particularly high when states bring suits related to their Medicaid programs, which are a major business for managed-care firms. (Photo: Shutterstock)

At least a half-dozen states and the District of Columbia are investigating pharmacy benefit managers, The Wall Street Journal reported. The probes focus on whether the companies fully disclosed details about their business and potentially received overpayments under state contracts, according to state officials and documents.

PBMs often have many lines of business that involve state governments, including handling the drug benefits of state employees and working with managed-care companies that administer Medicaid benefits.