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:6/23/2016)... 2016 Roche (SIX: RO, ROG; OTCQX: RHHBY) ... Elecsys BRAHMS PCT (procalcitonin) assay as a dedicated testing ... With this clearance, Roche is the first IVD company ... for sepsis risk assessment and management. PCT ... PCT levels in blood can aid clinicians in assessing ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... 52" report to their offering. ... creates a favourable commercial environment for MedImmune to enter. The ... that will serve to drive considerable growth for effective anti-influenza ... to cap sales considerably, but development is still in its ...
(Date:6/23/2016)... INDIANAPOLIS , June 23, 2016 ... Tomorrow,s Leaders Scholarship is any indication, the future is ... online at www.diabetesscholars.org by the Diabetes Scholars ... in the way of academic and community service excellence. ... program since 2012, and continues to advocate for people ...
Breaking Medicine Technology:
(Date:6/24/2016)... , ... June 24, 2016 , ... ... and Scientific Sessions in Dallas that it will receive two significant new grants ... grants came as PHA marked its 25th anniversary by recognizing patients, medical professionals ...
(Date:6/24/2016)... ... 24, 2016 , ... Dr. Amanda Cheng, an orthodontist ... has extensive experience with all areas of orthodontics, including robotic Suresmile technology, ... , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It can be used ...
(Date:6/24/2016)... ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain ... for a minimum wage raise to $12 an hour by 2020 and then adjusting it ... the lost value of the minimum wage, assure the wage floor does not erode again, ...
(Date:6/24/2016)... , ... June 24, 2016 , ... ... at the Clinical Decision Making in Emergency Medicine conference in Ponte Vedra Beach, ... journal articles published in Emergency Medicine Practice and Pediatric Emergency Medicine ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® ... Group (TGIG), has initiated cultivation and processing operations at its production facility, and ... Nevada. , Puradigm is the manufacturer of a complete system of proactive air ...
Breaking Medicine News(10 mins):