NEW YORK, Dec. 2, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Rhode Island on behalf of purchasers of CVS Caremark Corporation ("CVS" or the "Company") (NYSE:CVS) stock during the period between May 5, 2009 and November 4, 2009, (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased CVS common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by January 19, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period operating problems in the PBM business, which negotiates drug prices with drug manufacturers for companies and governments, the adverse impact the more than $6 billion in contractual losses for 2010 would have on its 2010 financial results. According to the complaint, CVS belatedly disclosed that the Federal Trade Commission ("FTC") had begun a "nonpublic investigation" in August 2009 into whether CVS's business practices and service offerings violated antitrust laws and that among the business practices of CVS that the FTC is reportedly investigating is the improper use of pricing and patient data from its retail pharmacy operations to steer its PBM members to CVS stores. Further, according to the complaint, after CVS issued a press release on November 5, 2009 announcing the disclosures of the adverse material facts concerning the PBM business and their adverse impact on CVS's financial results for 2010, and the FTC investigation, the value of CVS's stock declined significantly.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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