CtW Investment Group Files Complaint With SEC Regarding CVS Caremark Insider Tr... ( Raises Concern with Company's Patter...)

CtW Investment Group Files Complaint With SEC Regarding CVS Caremark Insider Transactions

Date:4/22/2010

Raises Concern with Company's Pattern of Partial and Delayed Disclosures During Critical Period

WASHINGTON, April 22 /PRNewswire/ -- The CtW Investment Group filed a letter of complaint with the Securities and Exchange Commission today, seeking an inquiry into insider transactions by CVS Caremark Corporation (NYSE: CVS) Chairman and CEO Thomas Ryan and other senior executives.

Citing sales between August and November 2009 of 1.5 million CVS shares, for a combined profit of $17.3 million, by Mr. Ryan and three other senior executives – Howard McClure, Executive Vice President and then-President of the pharmacy benefit management (PBM) segment, David Rickard, outgoing Chief Financial Officer, and Douglas Sgarro, Chief Legal Officer – CtW expressed concern that the sales may have been made while the executives were in possession of significant non-public information.

"What concerns us about these sales is that the executives, including Chairman and CEO Tom Ryan, may have traded their shares at the same time that the Company had not fully disclosed what it knew about how its PBM segment was faring, news that caused CVS share price to plummet when it was finally disclosed to shareholders on November 5," said William Patterson, Executive Director of the CtW Investment Group. "We believe the matter warrants an inquiry by the SEC."

On August 4, 2009 Mr.
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