Navigation Links
CVS Caremark Announces Agreement in Principle with the Securities and Exchange Commission
Date:8/2/2013

WOONSOCKET, R.I., Aug. 2, 2013 /PRNewswire-FirstCall/ -- CVS Caremark Corporation (NYSE: CVS) confirmed today that it has reached an agreement in principle with the staff of the Boston Regional Office of the Securities and Exchange Commission (SEC) to resolve an investigation by the SEC of certain events that occurred in 2009.  This investigation, which CVS Caremark previously disclosed after it began in 2011, has focused on events that occurred in the third and fourth quarters of 2009, including certain public disclosures made by the Company, transactions in the Company's securities by certain current and former employees and certain aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition. The agreement in principle was reached following extensive discussions with the SEC over the last several months. The settlement remains subject to completion of final documentation and approval by the Commission and federal court.

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO )

The settlement will be entered into by the Company on a "no admit or deny" basis and will resolve a number of alleged violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, including certain anti-fraud provisions of those statutes. Under the terms of the agreement in principle, CVS Caremark will pay a $20 million civil penalty, which has been fully reserved in CVS Caremark's financial statements. The settlement will not require CVS Caremark to restate its earnings for any reporting period. 

"We are pleased to be taking this important step to close the chapter on these matters from 2009 and look forward to resolving the SEC investigation in the near future," stated Thomas M. Moriarty, Executive Vice President and General Counsel of CVS Caremark. "CVS Caremark remains committed to complying with all applicable laws and regulations. We will continue to focus on driving value for our customers and shareholders through our distinctive integrated pharmacy model." 

About CVS Caremark

CVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. Through the company's more than 7,500 retail pharmacy stores; its leading pharmacy benefit manager serving more than 60 million plan members; and its retail health clinic system, the largest in the nation with more than 600 MinuteClinic® locations, it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. As a pharmacy innovation company with an unmatched breadth of capabilities, CVS Caremark continually strives to improve health and lower costs by developing new approaches such as its unique Pharmacy Advisor® program that helps people with chronic diseases such as diabetes obtain and stay on their medications. Find more information about how CVS Caremark is reinventing pharmacy for better health at info.cvscaremark.com.


'/>"/>
SOURCE CVS Caremark Corporation
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. CVS Caremark Corporation To Hold Second Quarter 2013 Conference Call
2. CVS Caremark in Partnership with Ocean Conservancy Cleans Up Nearly 25,000 Pounds of Trash from Shorelines across the Country
3. CVS Caremark Corporation Announces Quarterly Dividend
4. CVS Caremark To Present At William Blair & Companys 33rd Annual Growth Stock Conference
5. CVS Caremark Donates Over $750,000 to The One Fund Boston
6. CVS Caremark Reports Strong First Quarter Results
7. CVS Caremark Offers Advice on Proper Management, Storage and Disposal of Medications in Light of New Study on Teen Abuse of Prescription Drugs
8. Cardinal Health Will Continue To Supply Pharmaceuticals To CVS Caremark Corporation
9. CVS Caremark Industry-Leading Generic Dispensing Rate Reduces Client Traditional Drug Spend by 3.6 Percent for 2012
10. CVS Caremark Charitable Trust Supports Non-profits Nationwide with $2.6 Million in Funding
11. CVS Caremark Research Finds Medication Adherence Can Improve Outcomes and Reduce Costs for Patients with Coronary Artery Disease
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/19/2017)... 2017  New research provides evidence that an old drug ... a study released today that will be presented at the ... Boston , April 22 to 28, 2017. ... Parkinson,s disease, the oral drug levodopa has long been considered ... as the disease progresses, the effects of the medication can ...
(Date:4/18/2017)... , April 18, 2017  Cardinal Health (NYSE: ... fiscal 2017 earnings per share (EPS) guidance and ... This is in conjunction with this morning,s announcement of ... Thrombosis and Nutritional Insufficiency businesses. Cardinal Health ... operations will be at the bottom of its previous ...
(Date:4/18/2017)... 2017 Research and Markets has announced the ... to their offering. ... arthroscopy devices market to grow at a CAGR of 6.35% during ... Market 2017-2021, has been prepared based on an in-depth market analysis ... and its growth prospects over the coming years. The report also ...
Breaking Medicine Technology:
(Date:4/25/2017)... ... April 25, 2017 , ... The doctors at Wall Centre ... live with dental fear and require sedation to receive dental care. The doctors offer ... various procedures, from hygienic cleanings to oral surgery, at their dental office in Vancouver. ...
(Date:4/25/2017)... ... 2017 , ... As Spring reignites vigilance against Zika virus-carrying ... Zika virus during pregnancy, as well as other prenatal exposures like cocaine, are ... The Teratology Society is an international and multidisciplinary group of scientists ...
(Date:4/25/2017)... ... April 25, 2017 , ... Somnoware, ... to its patient care management module. Using this new feature, sleep physicians can ... been initiated on continuous positive airway pressure (CPAP), oral, or other forms of ...
(Date:4/25/2017)... ... April 25, 2017 , ... ... announces the continuation of its strategic partnership with and platinum sponsorship of Global ... in the safe and effective management of complex spine deformity cases, particularly in ...
(Date:4/24/2017)... ... April 24, 2017 , ... The Santana Telehealth Project was ... Telehealth 2.0 — the American Telemedicine Association’s annual conference, on April 23 in Orlando, ... using telemedicine to improve the lives of the poor and underserved in other parts ...
Breaking Medicine News(10 mins):