CVS finalizes settlement with US Securities and Exchange Commission stemming from public disclosures, accounting adjustments related to 2008 acquisition of Longs Drug Stores
WOONSOCKET, Rhode Island
April 9, 2014
– Settlement entered into on a "no admit or deny basis"
Company will not be required to restate earnings for any reporting period
CVS Caremark Corporation (CVS) announced today that it has finalized with the Securities and Exchange Commission (SEC) a settlement previously announced on August 2, 2013. The settlement was entered into on a "no admit or deny basis" and will not require CVS Caremark to restate its earnings for any reporting period. This matter is now fully resolved for the Company and individuals.
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As previously announced last year when the Company disclosed that it had reached an agreement in principle with the staff of the SEC, the settlement relates to events that occurred in the third and fourth quarters of 2009, including certain public disclosures made by the Company and certain aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition.
About CVS Caremark
CVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. Through the company's more than 7,600 CVS/pharmacy stores; its leading pharmacy benefit manager serving more than 60 million plan members; and its retail health clinic system, the largest in the nation with more than 800 MinuteClinic locations, it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. As a pharmacy innovation company with an unmatched breadth of capabilities, CVS Caremark continually strives to improve health and lower costs by developing new approaches such as its unique Pharmacy Advisor program that helps people with chronic diseases such as diabetes obtain and stay on their medications. Find more information about how CVS Caremark is reinventing pharmacy for better health at info.cvscaremark.com.