SOURCE: Brower Piven, A Professional Corporation

November 20, 2009 18:08 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in CVS Caremark Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 19, 2010 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - November 20, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Rhode Island on behalf of purchasers of the common stock of CVS Caremark Corporation ("CVS" or the "Company") (NYSE: CVS) during the period between May 5, 2009 and November 4, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 19, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period operating problems in the PBM business, which negotiates drug prices with drug manufacturers for companies and governments, the adverse impact the more than $6 billion in contractual losses for 2010 would have on its 2010 financial results. According to the complaint, CVS belatedly disclosed that the Federal Trade Commission ("FTC") had begun a "nonpublic investigation" in August 2009 into whether CVS's business practices and service offerings violated antitrust laws and that among the business practices of CVS that the FTC is reportedly investigating is the improper use of pricing and patient data from its retail pharmacy operations to steer its PBM members to CVS stores. Further, according to the complaint, after CVS issued a press release on November 5, 2009 announcing the disclosures of the adverse material facts concerning the PBM business and their adverse impact on CVS's financial results for 2010, and the FTC investigation, the value of CVS's stock declined significantly.

If you have suffered a net loss for all transactions in CVS Caremark Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact