| Company: | CVS Caremark Corporation |
| Ticker Symbol: | CVS |
| Class Period: | May-5-09 to Nov-4-09 |
| Date Filed: | Nov-17-09 |
| Lead Plaintiff Deadline: | Jan-16-10 |
| Court: | District of Rhode Island |
| Allegations: | |
CVS Caremark Corporation, a pharmacy services company, provides prescriptions and related healthcare services in the United States. The company operates through two segments, Pharmacy Services and Retail Pharmacy. The pharmacy services business includes CVS' pharmacy benefit management business ("PBM").
The Complaint alleges that during the Class Period, defendants misled investors regarding its PBM Business and how it was suffering. CVS was having serious problems in operating PBM business and maintaining its existing clients as their contracts came up for renewal for the 2010. Defendants sold millions of dollars of stock while aware of the operating problems in the PBM business.
Finally, on November 5, 2009, the Company revealed to the market that its PBM unit recently lost $2 billion worth of business, as well as disclosed that the FTC is investigating some of its business practices. CVS stock fell approximately 20% from a close of $36.15 per share before the announcement, to close at $28.87 per share on November 5, 2009, on extreme heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
