According to the Complaint, CVS Health Corporation ("CVS" or the "Company") was founded in 1892 and is headquartered in Woonsocket, Rhode Island. The Company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health, together with its subsidiaries, provides integrated pharmacy health care services, operating through its Pharmacy Services and Retail/LTC segments.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) CVS Health’s financial condition and expected earnings were deteriorating as a result of rising costs and poor results associated with the Omnicare Acquisition; and (ii) as a result, CVS Health’s public statements were materially false and misleading at all relevant times.

On May 10, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on July 23. On August 9, this case was transferred to the District Court for the District of Rhode Island.

Defendants filed a Motion to Dismiss the amended Complaint on September 27, 2019. On February 11, 2021, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice. Judgment was entered and the case was closed. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on June 17.

On August 19, 2022, the Court of Appeals affirmed the District Court's Dismissal Order.