A $48 million class-action settlement for claims that the nation’s largest pharmacy retail chain made misrepresentation about its 2007 combination with a prescription benefits manager company was approved by the U.S. District Court for the District of Rhode Island Feb. 17 (Medoff v. CVS Caremark Corp., 2016 BL 44936, D.R.I., 1:09-cv-00554, 2/17/16).
In 2009, shareholders, led by three Massachusetts public pension funds, sued CVS Caremark claiming that investors purchased CVS Caremark stock at prices artificially inflated by the defendants’ fraudulent misstatements and omissions. The company’s stock price plummeted by 20 percent when, during an earnings call, investors ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.