SOURCE: Izard Nobel LLP

November 17, 2009 19:21 ET

Izard Nobel LLP Announces Class Action Lawsuit Against CVS Caremark Corporation

WEST HARTFORD, CT--(Marketwire - November 17, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Rhode Island on behalf of those who purchased the common stock of CVS Caremark Corporation ("CVS" or the "Company") (NYSE: CVS) between May 5, 2009 and November 4, 2009, inclusive (the "Class Period").

The Complaint charges that CVS and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that CVS failed to disclose the following facts: (i) CVS was experiencing operating problems in its pharmacy benefit management business ("PBM business") which were adversely affecting its ability to maintain clients; (ii) CVS suffered more than $6 billion in contractual losses for 2010 which would adversely impact its 2010 financial results; and (iii) the Federal Trade Commission ("FTC") had begun an investigation in August 2009 into whether CVS's business practices and service offerings violated antitrust laws.

On November 5, 2009, CVS announced the adverse material facts concerning the PBM business, the impact of losses in the PBM business on CVS's financial results for 2010, and the FTC investigation. On this news, the price of CVS common stock fell 20% to close at $28.87.

If you are a member of the class, you may, no later than January 18, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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