Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 08/16/2019 (Date of last review)

Filing Date: August 15, 2019

According to the Complaint, CVS and its subsidiaries comprise the largest integrated pharmacy health care provider in the United States based upon revenues and prescriptions filled.

On May 20, 2015, CVS Pharmacy, Inc., a wholly owned subsidiary of CVS, entered into a merger agreement to acquire Omnicare, Inc., a provider of pharmaceuticals and related pharmacy services to long-term care (“LTC”) facilities (e.g., assisted living, skilled nursing, and senior centers) and a provider of specialty pharmacy and commercialization services for the bio-pharmaceutical industry.

In connection with the acquisition of Aetna, Defendants filed with the SEC a Registration Statement on Form S-4, which was declared effective on February 9, 2018, and a joint proxy statement/prospectus on Form 424B3 (collectively the “Offering Documents”). The Complaint alleges that the Offering Documents contained materially false and/or misleading statements about CVS’s compliance with Generally Accepted Accounting Principles (“GAAP”). In particular, the Complaint alleges that CVS falsely represented in the Offering Documents that it had properly accounted for its $6+ billion goodwill asset, as reported in the “LTC unit,” associated with CVS’s 2015 acquisition of LTC pharmacies of Omnicare.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Drugs)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CVS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Rhode Island
DOCKET #: 19-CV-00434
JUDGE: Hon. John J. McConnell, Jr.
DATE FILED: 08/15/2019
CLASS PERIOD START: 02/09/2018
CLASS PERIOD END: 11/28/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barry J. Kusinitz
  2. Robbins Geller Rudman & Dowd LLP (Melville)
  3. VanOverbeke Michaud & Timmony, P.C.
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available