SOURCE: Shalov Stone Bonner & Rocco LLP

Shalov Stone Bonner & Rocco LLP

November 19, 2009 16:10 ET

Shalov Stone Bonner & Rocco LLP Announces Class Action Against CVS Caremark Corporation

NEW YORK, NY--(Marketwire - November 19, 2009) - Shalov Stone Bonner & Rocco LLP announces that a class action lawsuit has been filed on behalf of all persons who purchased 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"). The lawsuit is pending in the United States District Court for the District of Rhode Island against CVS and certain of its officers and directors.

The complaint alleges that during the Class Period defendants made numerous positive statements concerning CVS's financial condition, business and prospects. But, according to the complaint, Defendants failed to disclose, among other things, the following material adverse facts: (i) CVS's pharmacy benefit management business ("PBM business") was suffering from and would continue to suffer from serious operating problems; (ii) CVS suffered more than $6 billion in contractual losses for 2010, which would have an adverse impact on its financial results for 2010; and, (iii) in August 2009, the Federal Trade Commission ("FTC") began an investigation into whether CVS's business practices and service offerings violated antitrust laws.

On November 5, 2009, the Company issued a press release disclosing the adverse material facts concerning its PBM business, the impact of losses in the PBM business on CVS's financial results for 2010, and the FTC investigation. As a result of this announcement, the price of CVS's common stock dropped 20%.

Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at:

If you purchased CVS common stock and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email:

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