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CtW Investment Group Files Complaint With SEC Regarding CVS Caremark Insider Transactions
Date:4/22/2010

Ryan had made optimistic earnings projections for 2010 – which may have been overstated even at the time according to CtW – that were not subsequently scaled back until November 5, 2009, despite evidence that at least some of the big losses and the overall performance problems for the PBM segment may have been known to the Company months earlier.  When the 2010 business losses were finally announced to shareholders on November 5, 2009 – along with the news that the Company had been under investigation by the Federal Trade Commission since August – CVS share price fell 20% in one day, wiping away more than $10 billion in shareholder value.  Throughout 2009 the Company was under tremendous pressure to demonstrate to shareholders that CVS' acquisition of the PBM Caremark was a success, which CtW contends made the disclosure deficiencies particularly significant.

The CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win, a coalition of unions representing 5.5 million members, to enhance long-term shareholder value through active ownership.  These funds are substantial long-term CVS Caremark shareholders.


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SOURCE Change to Win
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