PHILADELPHIA, Nov. 17, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, District of Rhode Island, 09cv 554, on behalf of purchasers of the common stock of CVS Caremark Corporation ("CVS" or the "Company") (NYSE:CVS) between May 5, 2009 and November 4, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable William E. Smith. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from November 17, 2009. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com.
CVS Caremark Corporation, a pharmacy services company, provides prescriptions and related healthcare services in the United States. The company operates through two segments, Pharmacy Services and Retail Pharmacy. The pharmacy services business includes CVS' pharmacy benefit management business ("PBM"). The Complaint alleges that during the Class Period, defendants misled investors regarding its PBM Business and how it was suffering. CVS was having serious problems in operating PBM business and maintaining its existing clients as their contracts came up for renewal for the 2010. Defendants sold millions of dollars of stock while aware of the operating problems in the PBM business. Finally, on November 5, 2009, the Company revealed to the market that its PBM unit recently lost $2 billion worth of business, as well as disclosed that the FTC is investigating some of its business practices. CVS stock fell approximately 20% from a close of $36.15 per share before the announcement, to close at $28.87 per share on November 5, 2009, on extreme heavy trading volume.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of CVS between May 5, 2009 and November 4, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com