Navigation Links
CVS Caremark Announces Agreement in Principle with the Securities and Exchange Commission

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: )

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

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:
(Date:11/24/2015)... Va. , Nov. 24, 2015  DILON Diagnostics ... have signed an agreement for DILON to distribute GE,s ... across the globe. The signing of this distribution agreement will ... NM750b Molecular Breast Imaging system and is considered an ... provide better healthcare solutions for clinicians and their patients. ...
(Date:11/24/2015)... 2015 . ... adds Latest Guidebook for Chinese Medical Device GMP ... in November 2015 to the medical devices market ... at . China ... global economies with a fifth population in the ...
(Date:11/24/2015)... , Nov. 24, 2015  Figure 1, a free ... share medical cases, has launched a new completely redesigned ... web version allows radiologists, who work primarily on a ... further engage with its radiologist user base, Figure 1 ... North America (RSNA) Annual Meeting. ...
Breaking Medicine Technology:
(Date:11/24/2015)... (PRWEB) , ... November 24, 2015 , ... DMG Productions ... Ed Begley Jr., airing first quarter 2016 via Discovery Channel. Dates and show times ... the Province, and is in the business of producing and supplying medical marijuana pursuant ...
(Date:11/24/2015)... ... November 24, 2015 , ... It takes only three to five seconds to ... that the first impression be positive and reflects business values. If a client starts ... or want to return. They will also share their thoughts about a business with ...
(Date:11/24/2015)... ... 2015 , ... In response to recent news highlighting Oxycodone fraud, Novus Medical ... the United States grew 400 percent between 1999 and 2010, far more than the ... percent of all fatal drug overdoses. (1) , While oxycodone and the extended release ...
(Date:11/24/2015)... ... 2015 , ... The American Association of Poison Control Centers ... through donations on Tuesday, Dec. 1, 2015. Since 2012, the Tuesday following Thanksgiving ... to collaborate in improving their local communities and help give back in impactful ...
(Date:11/24/2015)... ... 24, 2015 , ... With Thanksgiving right around the corner, holiday travel season ... protect your family and vehicle. , According to the National Highway Traffic Safety Administration, ... is sharing the following safety tips from the NHTSA: , ...
Breaking Medicine News(10 mins):