CVS Caremark discloses SEC inquiry
New York City -- CVS Caremark Corp. is disclosing another government inquiry into its business, as the company said the Securities and Exchange Commission has requested documents related to its Caremark pharmacy benefits management unit, the Associated Press reported.
The company said it received a subpoena from the SEC on Feb. 28.
The agency asked for corporate records on several issues, including public disclosures in 2009 related to pharmacy benefits management and its Medicare Part D prescription-drug benefit businesses.
The SEC also requested information about ownership and transaction in securities made by some of CVS Caremark's officers.
The chain disclosed the subpoena on Thursday. CVS Caremark said it is complying with the SEC's request and providing documents. The company said it does not believe any of the issues will have a significant effect on its results or financial condition.
CVS Caremark expanded its Medicare Part D business on April 29, when it acquired Universal American Corp.'s Medicare Part D business in a deal valued at $1.25 billion.<